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This paper examines the efficiency of cash flows for the listed korean manufacturing companies. To evaluate the individual information value of cash flows, regressions using market model with standardized data are estimated for operating cash flows. Accounting incomes is then added to the model to measure the incremental value relevance. And period and industry impact on the value of cash flow information is also taken into consideration in the subsequent analysis.The cash flow information turned out to have significant information value as all independent variables in the model, indicated statistically significant coefficients and directions predicted. Similar results were also found in the incremental value analysis. The analysis informs that operating cash flows appear to have more explanatory power to standardized cumulative abnormal returns than accounting income variables. Subsequent analysis shows that year and industry do have significant impact on the information value, implying that the value of cash flow data is contextual in its nature as previous studies suggested.