Voluntary disclosure of accruals in earnings press releases and the pricing of accruals

被引：0
|
作者：
Shai Levi
机构：
[1] University of California,Haas School of Business
来源：
Review of Accounting Studies | 2008年 / 13卷
关键词：
Accrual anomaly; Earnings press releases; Market efficiency; Voluntary disclosure; G14; M41;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This study investigates firms’ decisions to disclose accruals information in earnings press releases versus to provide it only in 10-Q filings and the impact of this disclosure on the pricing of accruals. I find that firms disclose accruals in their press releases when earnings alone are a weak indication of cash flow performance and that following these disclosures the accruals information is fully impounded into stock prices. The evidence suggests that when investor demand for accruals is likely to exist and firms disclose the information in earnings press releases, the mispricing typically associated with accruals is mitigated.
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页码：1 / 21
页数：20
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