Accruals, cash flows and earnings in european privately held firms
نویسندگان
چکیده
منابع مشابه
Accruals , cash flows , and aggregate stock returns $
This paper examines whether the firm-level accrual and cash flow effects extend to the aggregate stock market. In sharp contrast to previous firm-level findings, aggregate accruals is a strong positive time series predictor of aggregate stock returns, and cash flows is a negative predictor. In addition, innovations in accruals are negatively contemporaneously correlated with aggregate returns, ...
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In this study, I investigate whether market learning explains the absence of the accrual anomaly in recent years by examining three conditions associated with the presence of the anomaly in prior research: (i) a differential relation between future earnings and cash flows versus accruals, (ii) incorrect weighting of cash flows and accruals by investors when predicting earnings, and (iii) associ...
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We construct empirical proxies for cash-flow timing and matching problems and provide evidence on the ability of this accrual generating factor to explain accruals. Researchers lament our meager understanding of the process that spawns accruals (Owens et al., 2013, Ball, 2013, McNichols, 2000). Our aim is to map the explanatory power boundaries demarcated by our current knowledge of the role of...
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ژورنال
عنوان ژورنال: Pecvnia : Revista de la Facultad de Ciencias Económicas y Empresariales, Universidad de León
سال: 2013
ISSN: 2340-4272,1699-9495
DOI: 10.18002/pec.v0i2011.755