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A finance guy can criticize Sloan's (1996) accrual anomaly saying We know the simple principle of high risk, high return. So, if the low-accrual stock

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A finance guy can criticize Sloan's (1996) accrual anomaly saying "We know the simple principle of high risk, high return. So, if the low-accrual stock can earn a high return in the future, it is because this stock is riskier. In short, Sloan's (1996) accrual anomaly is just a risk compensation." What did Sloan (1996) do to address this concern and find what results

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