Motivated by the findings that the aggregate (discretionary) accruals positively predicts oneyear-ahead firm-level stock returns and that there is a considerable amount of co-movement in firm-level (discretionary) accruals, we decompose firm-level (discretionary) accruals into a market-wide component and a firm-specific component. We document robust evidence that the two orthogonal (discretiona...

We find that the positive relation between aggregate accruals and one-year-ahead market returns documented in Hirshleifer, Hou and Teoh [2009] is driven by discretionary accruals but not normal accruals. The return forecasting power of aggregate discretionary accruals is robust to choices of sample periods, return measurements, estimation methods, business condition and risk premium proxies, an...

Data Envelopment Analysis (DEA) based cost norms are widely used to regulate natural monopolies like water, electricity, and gas networks. In the typical application, demand is considered fixed non-controllable (non-discretionary), challenge incentivize monopoly provide demanded services at lowest possible costs. this paper, we investigate incentives of a DEA regulation when some dimensions, dr...

BACKGROUND There are limited data on the evolution of eating habits, including snacking, in Australia. This study aimed to understand snacking trends among Australian children over three previous National Nutrition Surveys. METHODS Data were analysed from a single weekday 24-h recall in the National Nutrition Surveys 1995, 2007, 2011-12 among children 2-16y (n = 8258). A snacking occasion was...

• Bank directors frequently resort to earnings management through the use of discretionary loan loss provisions. We study impact on efficiency levels banks supervised by European Central Bank. Efficiency is not achieved if are involved in activities that compromise their integrity and sector. Earnings has a nonlinear negative economic, technical, allocative measures. The relationship between sc...

The purpose of this study is to evaluate the effect of the characteristics of board of directors (Chief Executive Officer Duality, CEO tenure duration, size and independence of the board of directors) on earnings management. In this study, data from 62 companies listed in the Tehran Stock Exchange during the years of 2011 to 2015 were used. The statistical method used in this research is panel ...

A discrete-continuous choice model of time allocation to two types of discretionary activities is formulated based on the concept of random utility maximization. The model development takes into account the discreteness inherent in daily activity engagement and time allocation (i.e., one type of activity may not be engaged, therefore no time may be allocated to it at all, during a day). Without...