This study aims to examine the impact of earnings management and stock return. The magnitude of accruals and operating cash flows are the important feature that we add to this study. This feature gives deeper analysis of how earnings management affects stock return. We use Indonesian data from 2011 to 2013 as our sample. Three earnings management models are applied for this research: (1) Jones, (2) Modified Jones and (3) Kaznik model. We find that discretionary accruals cannot explain stock return, but after considering the magnitude of accruals and operating cash flow the result is different. Discretionary accruals affect stock return positively, only when accruals are higher than operating cash flow. These findings contribute to earnings management and market-based accounting researches.