Accrual reversals, earnings and stock returns

被引：112

作者：

Allen, Eric J. ^{[1
]}

Larson, Chad R. ^{[2
]}

Sloan, Richard G. ^{[3
]}

机构：

[1] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA

[2] Univ Houston, CT Bauer Coll Business, Houston, TX 77004 USA

[3] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2013年 / 56卷 / 01期

关键词：

Accruals; Earnings; Stock returns; CASH FLOWS; MANAGEMENT; QUALITY;

D O I：

10.1016/j.jacceco.2013.05.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that accruals consist of at least two distinct underlying processes, one with positive serial correlation and the other with negative serial correlation. We also find that the accrual reversals characterizing the negatively serially correlated process are predominantly good accruals that correctly anticipate fluctuations in working capital. Accrual estimation error is the least persistent component of earnings, while accruals relating to firm growth are less persistent than cash flows. Finally, the mispricing of accruals appears to be driven by a combination of accrual estimation error and firm growth. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：113 / 129

页数：17

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