| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8308 |
| 来源ID | Working Paper 8308 |
| Earnings Quality and Stock Returns | |
| Konan Chan; Louis K. C. Chan; Narasimhan Jegadeesh; Josef Lakonishok | |
| 发表日期 | 2001-05-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with poor future returns. We explore various hypotheses -- earnings manipulation, extrapolative biases about future growth, and under-reaction to business conditions -- to explain accruals' predictive power. Distinctions between the hypotheses are based on evidence from operating performance, the behavior of individual accrual items, and discretionary versus nondiscretionary components of accruals. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w8308 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565906 |
| 推荐引用方式 GB/T 7714 | Konan Chan,Louis K. C. Chan,Narasimhan Jegadeesh,et al. Earnings Quality and Stock Returns. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8308.pdf（246KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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