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| Tekijä: | Mehdi, I.K. El |
| Otsikko: | An examination of the naïve-investor hypothesis in accruals mispricing in Tunisian firms |
| Lehti: | Journal of international financial management & accounting
2011 : SUMMER, VOL. 22:2, p. 131-164 |
| Asiasana: | Africa Tunisia emerging markets earnings pricing |
| Vapaa asiasana: | mispricing accruals |
| Kieli: | eng |
| Tiivistelmä: | Previous studies on accrual anomaly are herein extended to examine the emerging market's mispricing of accruals. It is tested whether the Tunisian Stock Exchange price rationally reflects the 1-year ahead earnings implications of its earnings components. It is found that earnings and their cash flow and accrual components are not rationally priced by the market. In addition, the role of sophistication investors in the pricing of earnings and their components are explored. It is shown that accruals for firms with higher level of institutional ownership (hereafter as: i-o-s.) are not mispriced, whereas accruals for firms with lower i-o-s. are markedly overpriced by the market. |
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