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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/72711
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/72711


    Title: Earnings Quality and Stock Returns
    Authors: 湛可南
    Chan, Konan;Chan, Louis;Jegadeesh, Narasimhan;Lakonishok, Josef
    Contributors: 財管系
    Date: 2006-05
    Issue Date: 2015-01-08 18:01:57 (UTC+8)
    Abstract: An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with poor future returns. We explore various hypotheses -- earnings manipulation, extrapolative biases about future growth, and under-reaction to business conditions -- to explain accruals' predictive power. Distinctions between the hypotheses are based on evidence from operating performance, the behavior of individual accrual items, and discretionary versus nondiscretionary components of accruals.
    Relation: Journal of Business, 79(3), 1041-1082
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

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