haku: @author Xie, H. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Xie, H. |
| Otsikko: | The Mispricing of Abnormal Accruals |
| Lehti: | Accounting Review
2001 : JUL, VOL. 76:3, p. 357-373 |
| Asiasana: | PRICING STOCKS MODELS |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the market pricing of Jones (1991) model-estimated abnormal accruals (often termed "discretionary accruals" in the prior literature) to test whether stock prices rationally reflect the one-year-ahead earnings implications of these accruals. Using the Mishkin (1983) and hedge-portfolio test methods Sloan (1996) employs, the author find that the market overestimates the persistence, or one-year-ahead earnings implications, of abnormal accruals, and consequently overprices these accruals. These results extend Subramanyam (1996) by demonstrating that the market not only prices, but also overprices abnormal accruals. |
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