Abstract
This study examines the relationship between for-profit universities financial signals and future cash flows. The study provides evidence as follows: (1) for-profit universities financial information can be categorized into four factors; information, stability, efficiency and reputation. (2) there is a positive association between price and future cash flows and a negative association between administrative costs and future cash flows. (3) financial vulnerability measures provide incremental information content beyond efficiency measures. The efficiency signal administrative costs is negatively and significantly related to future cash flows even after adding vulnerability measures to the equation. This indicates that vulnerability measures are not surrogates for the efficiency measure.
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