增加物
收益
资本市场
收益惊喜
估价(财务)
代理(统计)
营运资金
经济
股票市场
货币经济学
收益反应系数
业务
计量经济学
会计
盈利后公告漂移
财务
古生物学
机器学习
生物
计算机科学
马
作者
Mark L. DeFond,Chul W. Park
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2001-07-01
卷期号:76 (3): 375-404
被引量:547
标识
DOI:10.2308/accr.2001.76.3.375
摘要
If the market anticipates the reversing nature of abnormal working capital accruals, then the reported magnitude of earnings surprises that contain abnormal accruals will differ from the underlying magnitude that is priced by the market. We expect the market's perception of this difference to affect the ERCs associated with earnings surprises that contain abnormal accruals. We test our predictions using an abnormal accruals measure that captures the difference between reported working capital and a proxy for the market's expectations of the level of working capital required to support current sales levels. Consistent with our hypotheses, we find higher ERCs when abnormal accruals suppress the magnitude of earnings surprises, and lower ERCs when abnormal accruals exaggerate the magnitude of earnings surprises. We also find results consistent with analysts predictably considering the reversing implications of abnormal accruals in revising future earnings forecasts. These findings are consistent with market participants anticipating the reversing implications of abnormal accruals. However, analysis of subsequent stock returns provides evidence that market participants do not fully impound the pricing implications of abnormal accruals at the earnings announcement date.
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