THE PRICING OF DISCRETIONARY ACCRUALS - EVIDENCE FROM PAKISTAN
نویسندگان
چکیده
منابع مشابه
Estimation Sample Selection for Discretionary Accruals Models
We examine how the criteria for choosing estimation samples (peer firms) affect the ability to detect discretionary accruals, using several variants of the Jones (1991) model. Researchers commonly estimate accruals models in cross-section, and define the estimation sample as all firms in the same industry. We examine whether firm size performs at least as well as industry membership as the crit...
متن کاملPeer Firm Selection for Discretionary Accruals Models
Taking as given the discretionary accruals models that exist in the literature, we examine how the selection of peer firms affects the researcher’s ability to detect earnings management. Researchers commonly estimate accruals models in cross section, and define the peer set (the firms used to estimate the cross section) as all firms in the same industry. We challenge this view by examining whet...
متن کاملThe market pricing of accruals quality
We investigate whether investors price accruals quality, our proxy for the information risk associated with earnings. Measuring accruals quality (AQ) as the standard deviation of residuals from regressions relating current accruals to cash flows, we find that poorer AQ is associated with larger costs of debt and equity. This result is consistent across several alternative specifications of the ...
متن کاملAre Accruals Really Mispriced? Evidence from Tests of an Intertemporal Capital Asset Pricing Model
This paper examines the anomaly, first reported by Sloan (1996), that the market misprices stocks of firms with extreme (high or low) accruals. The paper proposes a four-factor ICAPM, based on Campbell and Vuolteenaho (2004) and Fama and French (1993), and tests the model using a two-pass cross-sectional regression. Two principal findings are reported. First, the model successfully prices the c...
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employees always concern about losing their job , or in other word , losing their income resources. for this purpose, every government requires strong system for covering these concerns. the unemployment insurance (ui) program’s can be used for achieving this goal. in this thesis, we price ui based on the insurance history of employee and the duration of being unemployed. we use the weibull dis...
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ژورنال
عنوان ژورنال: Journal of Management and Research
سال: 2019
ISSN: 2519-7924,2218-2705
DOI: 10.29145/jmr/22/0202002