政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/114769

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 110097/141043 (78%)
Visitors : 46403070 Online Users : 1265

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 > Item 140.119/114769

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/114769

Title:	Disaggregated Earnings Components as Explanatory Variables for Returns: The Case of Long Return Intervals
Authors:	Ohlson, James A. Peng, Huoshu
Keywords:	Aggregated earnings;Earnings components;Returns;Operating cash flows;Accruals
Date:	2007-05
Issue Date:	2017-11-15 15:58:35 (UTC+8)
Abstract:	This study provides the evidence in Taiwan that the association between earnings and returns increases as the return interval expands, indicating that the ”measurement errors” in earnings could be minimized or even eliminated over long periods of time. Further decomposition of the ”bottom line” earnings into different components enhances the explanatory power of the model, implying that the analysis looking into the components of earnings is worthwhile. When earnings are decomposed into operating cash flows and accounting accruals, all their coefficients are significant, no matter short-term or long-term intervals. It shows that investors pay significant attention to cash flow information as well as accounting accrual information. When the accounting accruals are further divided into nondiscretionary accruals and discretionary accruals, the coefficients of discretionary accruals stand still as positive even in the long return intervals (e.g., ten-year return intervals), revealing that the discretionary accruals are not transitory in nature. The findings are robust to different assumptions of interest rates, different measures of cash flows and discretionary accruals, and dropping of outliers. Similar tests could be done for other stock markets to check the robustness of the model. And the traditional ”association studies” could be reworked using long-term intervals to see if the short-term association studies` findings still hold.
Relation:	會計評論, 45_s, 1-24
Data Type:	article
DOI 連結:	http://dx.doi.org/10.6552/JOAR.2007.45.s.1
DOI:	10.6552/JOAR.2007.45.s.1
Appears in Collections:	[會計評論] 期刊論文

Files in This Item:

File	Description	Size	Format
45_s-1.pdf		831Kb	Adobe PDF2	374	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...