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The purpose of this study is to investigate the relationship between free cash flows and stock return considering managers' myopia. Two hypotheses have been designed and tested, selecting 96 firms from accepted companies in the Tehran Stock Exchange for six-year period from 2005 to 2010 and using stock return for three years ahead (to 2012). The results show that free cash flows are negatively related to short-term and long-term stock returns. The sensitivity of stock return to Free Cash Flowsdoi:10.22059/acctgrev.2017.60858 doaj:35bc0f7b1a9a4cc6b02910365ebb7b6e fatcat:3xmfy3jntreylj5kfj4bhb7q74