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Overvalued Equity and Discretionary Accruals
SSRN Electronic Journal, 2006This paper provides evidence consistent with the overvaluation hypothesis (Jensen 2005). We categorize firms as overvalued if they are in the top quintile based on beginning of year price-earnings ratio, prior year abnormal return, or a classification technique that uses both the lagged price-earnings ratio and abnormal return.
Terrance R. Skantz, Robert Houmes
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Predicting Stock Market Returns with Aggregate Discretionary Accruals
SSRN Electronic Journal, 2006ABSTRACTWe 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 ...
Qi, R, Kang, Q, Liu, Q
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Industry-Specific Discretionary Accruals and the Accrual Anomaly
SSRN Electronic Journal, 2012I motivate and implement a methodology that decomposes a firm’s discretionary accruals into a firm-specific and an industry-specific component. I find that the “accruals anomaly” (Sloan 1996) – the finding that firms with high discretionary accruals subsequently earn negative abnormal returns – is driven by firm-specific discretionary accruals.
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Highly Valued Equity and Discretionary Accruals
Journal of Business Finance & Accounting, 2010Abstract: Overvalued equity provides a strong incentive for managers to report earnings that do not disappoint the market ( Jensen, 2005). We find that this can be extended to highly valued equity more generally. In the year following the classification as highly valued and compared to firms with less extreme valuations, highly valued firms have ...
Robert E. Houmes, Terrance R. Skantz
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Firm growth and the pricing of discretionary accruals
Review of Quantitative Finance and Accounting, 2012This paper examines how firm growth conditions the pricing of discretionary accruals. Given the rich growth opportunities and high information asymmetry in high-growth firms, we expect that managers have incentives to use discretionary accruals, especially income increasing (positive) discretionary accruals, to signal favorable private information to ...
Qiang Wu, Ashok Robin
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The Stewardship Role of Analyst Forecasts, and Discretionary Versus Non-discretionary Accruals
European Accounting Review, 2011We examine the interaction between discretionary and non-discretionary accruals in a stewardship setting. Contracting includes multiple rounds of renegotiation based on contractible accounting information and non-contractible but more timely non-accounting information.
Christensen, Peter Ove +2 more
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Two essays on discretionary accruals
2014This paper investigates whether managers manipulate accruals to help their firms emerge from Chapter 11 reorganization. Chapter 11 reorganization provides a very strong incentive: managers will lose their jobs or even their career if the firms are liquidated.
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What motivates managers' choice of discretionary accruals?
Journal of Accounting and Economics, 1996Abstract The papers by Subramanyam (1996) and Kasanen, Kinnunen, and Niskanen (KKN, 1996) both consider why managers manipulate accounting accruals. Subramanyam finds that discretionary accruals are associated with several performance measures, and concludes that managers' accrual choices increase the informativeness of accounting earnings.
Victor L. Bernard, Douglas J. Skinner
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Discretionary Accruals, Earnings Management, and Earnings Benchmarks
SSRN Electronic Journal, 2005This study examines whether firms just above and just below three earnings benchmarks (loss avoidance, earnings changes, and analyst forecast) have differing levels of discretionary accruals. If discretionary accruals are a measure of earnings management, then firms above (benchmark beaters) and firms below a benchmark should have differing levels of ...
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Voluntary management earnings forecasts and discretionary accruals: evidence from Danish IPOs
European Accounting Review, 2004This paper seeks to determine whether Danish managers exercise discretionary accruals to reach earnings forecast targets they voluntarily specify in conjunction with initial public offerings (IPOs). Because the Danish accounting and legal environment is more permissive than the US, we use Denmark as a natural laboratory for learning how business would ...
Gramlich, Jeffrey, Sørensen, Ole Vagn
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