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| Author: | Basu, S. |
| Title: | What do we learn from two new accounting-based stock market anomalies? |
| Journal: | Journal of Accounting & Economics
2004 : DEC, VOL. 38:1-3, p. 333-348 |
| Index terms: | auditing stock markets transaction costs |
| Language: | eng |
| Abstract: | This paper discusses large and statistically significant abnormal returns from trading on balance sheet data and audit opinions. However, previous statistical tests ignore high transaction costs, especially for selling short, that would likely make the trading strategies unprofitable. The existing accounting anomalies literature is adding little to what we know about how and why markets operate more or less efficiently. |
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