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Past research has shown that the level of operating accruals is a negative cross-sectional predictor of stock returns. This paper examines whether the accrual anomaly extends to the aggregate stock market. In contrast with cross-sectional findings, there is no indication that aggregate operating...
Persistent link: https://www.econbiz.de/10005836004
We document considerable return comovement associated with accruals after controlling for other common factors. An accrual-based factor-mimicking portfolio has a Sharpe ratio of 0.16, higher than that of the market factor or the SMB and HML factors of Fama and French (1993). In time series...
Persistent link: https://www.econbiz.de/10005619397
This paper uses the tools of computational linguistics to analyze the qualitative part of the annual reports of UK listed companies. More specifically, the frequency of words associated with praise, concreteness and activity is measured and used to forecast future stock returns. We find that our...
Persistent link: https://www.econbiz.de/10011112773
The monetary unit assumption of financial accounting assumes a stable currency (i.e., constant purchasing power over …
Persistent link: https://www.econbiz.de/10011114513
accounting literature. While the standard residual income is formally computed as profit minus cost of capital times actual …
Persistent link: https://www.econbiz.de/10005619703
connecting management accounting, corporate finance and financial mathematics (Peasnell, 1981, 1982; Peccati, 1987, 1989, 1991 …
Persistent link: https://www.econbiz.de/10005621680
White-collar crime continues to hit the headlines across Malaysia and it remains a serious issue influencing organizations globally. A share price event study is thus conducted on a group of public listed companies in Malaysia to examine the announcement effect of white-collar crime. The period...
Persistent link: https://www.econbiz.de/10009147675
This research seeks to discover if there is any relationship between the delay in the publication of the annual financial statements of companies, and their level of corporate governance, assuming that the delay on its liberation would indicate a smaller transparency of the company. For that,...
Persistent link: https://www.econbiz.de/10005790124
This paper analyzes the relationship between public disclosure, private information and stock liquidity in the Tunisian market. We use a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information....
Persistent link: https://www.econbiz.de/10008839504
We test whether and how equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing increase with equity overvaluation; but only among overvalued...
Persistent link: https://www.econbiz.de/10011110898