دانلود رایگان مقاله الزویر درباره پیش بینی جریان نقدی تحلیلگر و قیمت گذاری اقلام تعهدی (کلیک کنید)
توضیحات :
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مشخصات این مقاله :
عنوان مقاله :
Analyst cash flow forecasts and pricing of accruals
ترجمه فارسی عنوان :
پیش بینی جریان نقدی تحلیلگر و قیمت گذاری اقلام تعهدی
سال انتشار : 2014
متعلق به مجله یا ژورنال : پیشرفت در حسابداری، ادغام پیشرفت در حسابداری بین المللی (Advances in Accounting, incorporating Advances in International Accounting)
فرمت: PDF
تعداد صفحات: 11
شماره پروژه: 5019
کلمات کلیدی :
Accruals, Accrual anomaly, Cash flow forecasts, Pricing, Earnings manipulation
اقلام تعهدی، ناهنجاری اقلام تعهدی، پیش بینی جریان های نقدی، قیمت گذاری، دستکاری درآمدها
چکیده :
Abstract
This paper investigates howanalyst cash flow forecasts affect investors’ valuation of accounting accruals. Wefind that the strength of the accrual anomaly documented in Sloan (1996) is weaker for firms with analyst cash flow forecasts, after controlling for idiosyncratic risk, transaction costs and firm characteristics associated with the issuance of cash flow forecasts. We further show that this reduction in mispricing of accounting accruals is at least partially attributed to the improved ability of investors to price earnings manipulations imbedded in accruals. We investigate several non-mutually exclusive alternative explanations for this improvement in investors’ ability and demonstrate that the increased investor attention and the improved accuracy of analyst earnings forecasts both contribute to the mitigation of the accrual anomaly.
مقدمه این مقاله :
Introduction
DeFond and Hung (2003, 2007) show that analysts provide cash flowforecasts in response to investor demand in both the U.S. and international settings. After the shocking accounting scandals of the early 2000s such as Enron and WorldCom, investor demand for cash flow information increased dramatically, leading to the growing popularity of analyst cash flow forecasts in recent years. The literature on analyst cash flow forecasts can be divided into two streams. The first stream of literature demonstrates the role that analyst cash flow forecasts play in monitoring managerial behavior. Both Call (2008) and McInnis and Collins (2011) show that analyst cash flow forecasts help to reduce earnings manipulations and improve earnings quality. The second stream of literature investigates the usefulness of the information in analyst cash flow forecasts. Research by Call, Chen, and Tong (2009, 2013) suggests that analyst cash flow forecasts contain information that is helpful for analysts and investors. In response to claims that cash flow forecasts are of low quality (Givoly, Hayn, & Lehavy, 2009), Call et al. (2013) refute the validity of such claims. However, no direct evidence exists on how analyst cash flow forecasts affect the ability of investors to accurately price accounting accruals. We seek to fill this void.
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