Accounting anomalies and fundamental analysis: A review of recent research advances

• 成果类型: Article
• 署名作者: Richardson, Scott; Tuna, Irem; Wysocki, Peter
• 署名单位: University of Miami; University of London; London Business School
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2010.09.008
• 发表日期: 2010
• 关键词: EARNINGS-ANNOUNCEMENT DRIFT; financial statement information; cross-sectional variation; future stock returns; capital-markets; Cash flows; investor sophistication; institutional investors; CONTRARIAN INVESTMENT; citation analysis

摘要

We survey recent research in accounting anomalies and fundamental analysis. We use forecasting of future earnings and returns as our organizing framework and suggest a roadmap for research aiming to document the forecasting benefits of accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key clusters of papers about accounting anomalies and fundamental analysis disseminated over the last decade. Finally, we provide a new analysis on how an ex ante and ex post treatment of risk and transaction costs affects the accrual and PEAD anomalies, and offer suggestions for future research. (C) 2010 Elsevier B.V. All rights reserved.