Huang, Pinghsun; Zhang, Yan; Deis, Donald R.; Moffitt, … - In: Journal of Banking & Finance 33 (2009) 2, pp. 224-233
This paper examines the potential impacts of artificial smoothing (abnormal accruals) and real smoothing (derivatives) on firm value. We find that the value of the firm decreases with the magnitude of abnormal accruals and increases with the level of derivative use. Moreover, the accrual...
