The market pricing of accruals quality

被引：1609

作者：

Francis, J ^{[1
]}

LaFond, R

Olsson, P

Schipper, K

机构：

[1] Duke Univ, Fuqua Sch Business, Durham, NC 27708 USA

[2] Univ Wisconsin, Sch Business, Madison, WI 53706 USA

[3] Financial Accounting Stand Board, Norwalk, CT 06856 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2005年 / 39卷 / 02期

关键词：

capital markets; accruals quality; information risk;

D O I：

10.1016/j.jacceco.2004.06.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether investors price accruals quality, our proxy for the information risk associated with earnings. Measuring accruals quality (AQ) as the standard deviation of residuals from regressions relating current accruals to cash flows, we find that poorer AQ is associated with larger costs of debt and equity. This result is consistent across several alternative specifications of the AQ metric. We also distinguish between accruals quality driven by economic fundamentals (innate AQ) versus management choices (discretionary AQ). Both components have significant cost of capital effects, but innate A Q effects are significantly larger than discretionary AQ effects. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：295 / 327

页数：33

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