An integrated analysis of the association between accrual disclosure and the abnormal accrual anomaly

• 成果类型: Article
• 署名作者: Louis, Henock; Robinson, Dahlia; Sbaraglia, Andrew
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Arizona State University; Arizona State University-Tempe
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-007-9038-z
• 发表日期: 2008
• 页码: 23-54
• 关键词: earnings management; discretionary accruals; Cash flows; quarterly earnings; FUTURE EARNINGS; acquiring firms; 10-q filings; INFORMATION; MARKET; announcements

摘要

We find no evidence of accrual mispricing for firms that disclose accrual information at earnings announcements. For these firms, the market differentiates the discretionary from the nondiscretionary components of the earnings surprise. In contrast, the market fails to distinguish between the discretionary and the nondiscretionary components of the earnings surprise for firms that do not disclose accrual information at earnings announcements. These firms experience some stock price correction around the filing date. However, the correction is only partial, resulting in a post-filing drift.