According to Sloan (1996), it is expected that a) A trading strategy taking a short position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns. b) A trading strategy taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns. c) A trading strategy taking a long position in the stock of firms reporting relatively low levels of accruals and a long position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns. d) A trading strategy taking a short position in the stock of firms reporting relatively low levels of accruals and a long position in the stock of firms reporting relatively high levels of accruals generates positive abnormal stock returns