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An essay on "accrual anomaly".

Jiang, Guohua.

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An essay on "accrual anomaly".

Record Type:	Electronic resources : Monograph/item
Title/Author:	An essay on "accrual anomaly"./
Author:	Jiang, Guohua.
Description:	103 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0562.
Contained By:	Dissertation Abstracts International64-02A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3082245
ISBN:	0496300962

An essay on "accrual anomaly".
Jiang, Guohua.

An essay on "accrual anomaly". - 103 p.

Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0562.

Thesis (Ph.D.)--University of California, Berkeley, 2002.

In this dissertation, I investigate the relationship between contemporaneous stock price performance and the persistence of accrued earnings, and its impact on the accrual anomaly. I argue that when significant events occur to the firms and their stock prices experience significant movements, management tends to use earnings accruals to align cash earnings with their earnings targets. As a result, accrued earnings under such circumstances are less persistent in predicting future earnings. If the accrual anomaly results from investors' failure to estimate the persistence of current earnings, then the low persistence and mispricing of accruals should concentrate in these situations where low persistence is expected.

ISBN: 0496300962Subjects--Topical Terms:

1020666
Business Administration, Accounting.

An essay on "accrual anomaly".
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035 $a (UnM)AAI3082245
035 $a AAI3082245
040 $a UnM $c UnM
100 1 $a Jiang, Guohua. $3 1908427
245 1 3 $a An essay on "accrual anomaly".
300 $a 103 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-02, Section: A, page: 0562.
500 $a Chair: Brett M. Trueman.
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2002.
520 $a In this dissertation, I investigate the relationship between contemporaneous stock price performance and the persistence of accrued earnings, and its impact on the accrual anomaly. I argue that when significant events occur to the firms and their stock prices experience significant movements, management tends to use earnings accruals to align cash earnings with their earnings targets. As a result, accrued earnings under such circumstances are less persistent in predicting future earnings. If the accrual anomaly results from investors' failure to estimate the persistence of current earnings, then the low persistence and mispricing of accruals should concentrate in these situations where low persistence is expected.
520 $a Empirical results confirm these predictions. Using data from 1962 to 1997, I partition firm-years into a good-news group, a bad-news group, and a neutral-news group, based on stock price performance during the contemporaneous fiscal years. Accrued earnings exhibit lowest persistence for the bad-news group, followed by the good-news group. The persistence of accrued earnings for the neutral-news group is the highest among these three groups.
520 $a Using the Mishkin test and the hedge-portfolio test introduced by Sloan (1996), I find investors overestimate the persistence of accrued earnings to the greatest extent for the bad-news group, followed by the good-news group, and the neutral-news group. Taking advantage of the misestimation, a hedge strategy long in low accrual stocks and short in high accrual stocks earns the largest amount of abnormal returns for the bad-news group.
520 $a These results indicate that the low persistence and mispricing of accruals observed in Sloan (1996) can be partly explained by the interaction between conservative accounting rules and stock price performance that trigger the application of these rules, and its impact on the generation of accruals. When we conduct financial statement analysis into the quality of earnings, the results in this study call particular attention to situations in which accrued earnings of low persistence are generated.
520 $a This study also looks into the difference between discretionary accruals and nondiscretionary accruals. Although discretionary accruals constitute only a small portion of total accruals, they contribute more to the low persistence of accruals in all news groups than nondiscretionary accruals. Discretionary accruals also generate larger amounts of abnormal returns than nondiscretionary accruals, and particularly so when stock performance is poor, and when management has incentive to manage earnings through discretionary accruals. Overall, these results indicate that earnings management in response to stock price performance explains a large portion of the accrual anomaly in extreme news groups.
590 $a School code: 0028.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a University of California, Berkeley. $3 687832
773 0 $t Dissertation Abstracts International $g 64-02A.
790 1 0 $a Trueman, Brett M., $e advisor
790 $a 0028
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3082245