Conservatism, Earnings Persistence, and the Accruals Anomaly
نویسندگان
چکیده
منابع مشابه
The Persistence of the Accruals Anomaly
The accruals anomaly—the negative relationship between accounting accruals and subsequent stock returns—has been well documented in the academic and practitioner literatures for almost a decade. To the extent that this anomaly represents market inefficiency, one would expect sophisticated investors to learn about it and arbitrage the anomaly away. Yet, we show that the accruals anomaly still pe...
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Abstract Accounting earning and its components are the most important accounting items in stock pricing. If investors do not achieve abnormal returns using this information, the capital market is said to have acted efficiently in reflecting accounting earning information in stock pricing. In other words, pricing stocks is rational. The purpose of this study is to investigate the market re...
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This study examines the effect of investor sentiment on the accruals anomaly. We find that for small stocks mispricing per unit of accruals is greater in high sentiment periods as compared with low sentiment periods. This result is consistent with the notion that in high sentiment periods individual investors pay less attention toward understanding the accruals and cash flow components of earni...
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When a business suffers from unsuccessful competitive strategies, poor products, or pricing disadvantages, it generally tends to suffer a steady erosion of corporate value and credit quality, but no abrupt death. By contrast, revelation of large-scale earnings manipulation usually results in a quick and abrupt failure of the corporation, often in a span of just weeks or months. Thus the sudden ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.1985743