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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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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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