Resumen:
he objective of the financial statements is to provide information that is useful to investors, lenders and other creditors for making decisions for stock returns and associate risk. Most of the studies have evaluated the additional content informational of the Cash Flow Statement compared with the earnings in relation with the stock returns (Livnat & Zarowin, 1990). In this study, it was proposed to determine the informative content of the cash flows related to the earnings of the process of explaining the firm´s risk. The risk proxies used were Mark-to-Book, Market Beta, financial leverage and insolvency risk. The evidence for firms listed in the Buenos Aires Stock Exchange indicates that the Cash Flow Statement shows an additional informative content to the earnings. The totals of the operating, investing, and financing cash flows exhibit a differential effect for the different risk proxy; however, the investment cash flows predominate in the market.