A finance guy can criticize Sloans (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, Sloans (1996) accrual anomaly is just a risk compensation. What did Sloan (1996) do to address this concern and find what results?

explain in details.