and earnings manipulation, the downward payoff of loser stocks with high accruals largely drives the accrual …We establish a robust link between momentum and accruals. Momentum profitability is mostly concentrated in firms with … high accruals. Cross-sectional characteristics of momentum previously documented do not subsume the effect of accruals on …

We examine the information content of high accruals momentum defined as a string of high discretionary accruals for … four consecutive years. We find that firms that consistently report high levels of discretionary accruals experience low … subsequent returns. The results are robust after we control for annual levels of discretionary accruals for the estimation period …

accrual-based trading strategies using the balance sheet method documented in Sloan (1996). This paper contributes to the … accruals literature by investigating and documenting the systematic errors in estimating accruals in the presence of mergers … returns to firms that engage in mergers and have high accruals, which to our knowledge is not previously documented. We …