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    Title: 盈餘中應計成份與現金流量成份對股價之影響
    The impact of accruals and cash flow components of earnings on the stock price
    Authors: 賴彥彰
    Lai,Yen-Chang
    Contributors: 胡聯國
    Hu,Lien-Kuo
    賴彥彰
    Lai,Yen-Chang
    Keywords: 盈餘
    應計基礎
    現金流量
    股價
    Earnings
    Cash flow
    Accruals
    Stock price
    Date: 2005
    Issue Date: 2009-09-11 17:11:59 (UTC+8)
    Abstract: This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
    This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
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    Bernald, Victor L., and Jacob K. Thomas. 1990. “Evidence that stock prices do not fully reflect the implications of current earnings for future earnings.” Journal of Accounting and Economics 13: 305-340
    Cheng, C. S. Agnes, Chao-Shin Liu, and Thomas F. Schaefer. 1996. “Earnings permanence and the incremental information content of cash flows from operations.” Journal of Accounting Research 34: 173-181
    Collins, Daniel, and Paul Hribar. 2000 “Earnings-based and accrual-based market anomalies: One effect or two?” Journal of Accounting and Economics 29: 101-123
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    Dechow, P. 1994. “Accounting earnings and cash flows as measures of firm performance: The role of accruals.” Journal of Accounting and Economics 18 (July): 3-42
    Drtina, R., J. Largay 1985. “Pitfalls in calculating cash flows from operations.” The Accounting Review 60 (April): 314-326
    Freeman, R., J. Ohlson, and S. Penman. 1982. “Book rate-of-return and prediction of earnings changes: An empirical investigation.” Journal of Accounting Research 20 (Autumn):3-42
    Kieso, D., and J. Weygandt. 1995. Intermediate Accounting. 8th ed. New York, NY: John Wiley & Sons.
    Mishkin, F., 1983. “A rational expectations approach to macroeconometrics: Testing Policy Effectiveness and Efficient Markets Models.” Chicago IL: University of Chicago Press for the National Bureau of Economic Research
    Stickney, C. 1993. Financial Statement Analysis: A Strategic Perspective. 2nd ed. Fort Worth, TX: The Dryden Press
    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    92351030
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0923510301
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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