Can the earnings fixation hypothesis explain the accrual anomaly?

被引：27

作者：

Shi, Linna ^{[2
]}

Zhang, Huai ^{[1
]}

机构：

[1] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore

[2] SUNY Binghamton, Binghamton, NY USA

来源：

REVIEW OF ACCOUNTING STUDIES | 2012年 / 17卷 / 01期

关键词：

Accrual anomaly; Earnings fixation hypothesis; Responsiveness of stock price to earnings; Persistence of cash flows and accruals; CONTRARIAN INVESTMENT; FUTURE PROFITABILITY; STOCK-PRICES; CASH FLOWS; PERSISTENCE; RETURNS; TESTS; RISK; EXPLANATIONS; INFORMATION;

D O I：

10.1007/s11142-011-9171-6

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper provides empirical evidence on whether the earnings fixation hypothesis can explain the accrual anomaly originally documented in Sloan (1996). Our analytical model yields the prediction that, if investors fixate on reported earnings, the effectiveness of the accrual strategy will increase in the responsiveness of the stock price to earnings and the differential persistence of cash flows relative to accruals. Our empirical evidence confirms our prediction and lends support to the earnings fixation hypothesis.

引用

页码：1 / 21

页数：21

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