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Saher, S. (Sonia). "Accrual anomaly:balance sheet vs. cash flow statement measurement of accruals." Master's thesis, University of Oulu, 2017. http://urn.fi/URN:NBN:fi:oulu-201705101745.
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I explore the recent evidence on persistence of accrual anomaly, previously explored by Richard G. Sloan in 1996. Sloan (1996) highlights that the presence of cash flows statement data could improve the results to study accrual anomaly. Therefore, my motivation of the research is to explore accrual anomaly based on cash flows statement (CFS) method and balance sheet (BS) method for measuring accruals. The accounting academics report accruals as many different interpretations (such as the prospective growth of businesses and idiosyncratic risk) therefore, it may not be exploited under accruals hedge strategy. The data is inclusive of NYSE, AmEx, and NASDAQ listed firms, thereby to capture the complete US market from timeline 1990 to 2014. The analysis is based on Feltham & Ohson (1995) earnings persistence model and Mishkin (1983) test model for the market efficiency. I have found that earnings & earnings components are persistent in anticipating future earnings. I have also found that the market is inefficient in learning the persistence of earnings & its components. The market underestimates earnings persistence, overestimates persistence of accruals, and underestimates the persistence of cash flows. BS method and CFS method show the similar behavior of earnings and its components persistence and the market interpretation to them. However, CFS method measures the high persistence of cash flows. Moreover, accruals hedge returns are significant under BS method but insignificant under CFS method. Therefore, I conclude that accrual anomaly exists under BS method and disappears under CFS method. The market misinterpretation of earnings & its components persistence may not be associated with accruals anomaly.
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Eltaybany, Sarah Abdelmohsen. "Accruals anomaly and accruals management : evidence from the UK." Thesis, University of Aberdeen, 2018. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=240721.
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ALMEIDA, FABRICIO RIBEIRO RODRIGUES D. "ASSESSING ACCRUALS IN BRAZILIAN IPOS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2008. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=25788@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO<br>COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR<br>PROGRAMA DE EXCELENCIA ACADEMICA<br>Em uma oferta inicial de ações, uma das dificuldades dos investidores é avaliar que preço pagar pela ação lançada. Para diminuir tal dificuldade, a Comissão de Valores Imobiliários exige que as empresas emissoras apresentem demonstrativos financeiros dos últimos três anos de operações. Esta dissertação avalia a precisão desses demonstrativos financeiros, através de uma amostra de 67 emissões de ações na Bovespa entre 2002 e 2007. A análise dos dados mostra que as emissões com um único banco coordenador apresentam uma maior incidência de rubricas discriminatórias, que aumentam os lucros acumulados. Tais rubricas aparecem mais frequentemente em demonstrativos no formato pró-forma, que não impõem uma responsabilidade legal sobre os auditores, consistente com a hipótese de que as rubricas discricionárias têm por finalidade inflar os lucros contábeis.<br>Investors face the challenge to value the price of a share during na ipo. With the purpose of improving their ability, the Brazilian Securities and Exchange Commission (CVM) demands companies to present financial statements for the last three years of continuing operations. This dissertation assesses the quality of these financial statements using a sample of 67 IPOs that took place at São Paulo Stock Exchange between 2002 and 2007. The analysis of the prospectuses gives us evidence that IPOs with only one investment bank on their syndicate present higher discretionary accruals and by consequence, reported earnings. The use of discretionary accruals is more common in pro forma financial statements which exempt auditing companies from legal responsibility and therefore enhance the hypothesis that discretionary accruals are used in order to inflate earnings.
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Pereira, Manuel José Rodrigues da Cunha. "Gestão de Resultados e Accruals." Master's thesis, Faculdade de Economia da Universidade do Porto, 2008. http://hdl.handle.net/10216/56169.
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Kiriukhin, Oleg. "Accruals Quality and Firm Value." Thesis, The University of Chicago, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10817494.
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<p> I examine the importance of the properties of accounting information to equity investors by estimating the implicit prices of accruals quality and operating volatility revealed from observed stock prices. I measure accruals quality parameters based on the model in Nikolaev [2016], which separates the volatility of accounting error from the volatility of the performance component of accruals. I use the hedonic regression approach, which relies on rational expectations (<i>Bajari et al</i>. [2012]) to identify the effect of accruals quality on firm value. This approach isolates time-varying unobservable factors correlated with accruals quality. My findings indicate that investors have preferences for higher accruals quality. At the margin, a 1% increase in the volatility of accounting error results in a 0.50% decrease in the firm value. At the same time, my findings indicate that investors have preferences for lower operating risk, which statistically and economically dominates preferences for accruals quality. At the margin, a 1% increase in the operating volatility results in a 1.43% decrease in the firm value. Overall, my findings suggest that the effect of accruals quality on firm value is largely driven by the operating risk. This result is robust to the choice of the model of time-varying unobservable firm characteristics and to different sets of control variables.</p><p>
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McCulloch, Brian William. "Earnings management with reversing accruals /." Thesis, Connect to this title online; UW restricted, 1997. http://hdl.handle.net/1773/8796.
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Pereira, Manuel José Rodrigues da Cunha. "Gestão de Resultados e Accruals." Dissertação, Faculdade de Economia da Universidade do Porto, 2008. http://hdl.handle.net/10216/56169.
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Soares, Nuno Domingues Mateus Pedroso. "The accruals anomaly in the UK." Thesis, University of Manchester, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505405.
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In this thesis I provide evidence related to the existence, or otherwise, of the accruals anomaly (Sloan, 1996) in the UK stock market. The accruals anomaly is one of the several anomalies relative to the efficient market hypothesis that have been reported in the accounting and finance literature, and that has received wide attention from researchers in order to better understand it and determine if a real anomaly exists.
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Takamatsu, Renata Turola. "Accruals contábeis, persistência dos lucros e retorno das ações." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-19032012-192122/.
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A presente pesquisa foi desenvolvida com o objetivo de avaliar a capacidade dos investidores em interpretar os dados emanados pela Contabilidade; mais especificamente, analisou sua habilidade em compreender informações relativas ao lucro. De forma complementar, buscou analisar a existência de oportunidades de obtenção de ganhos econômicos por intermédio da adoção de estratégias de investimento com base em informações relativas aos accruals. A amostra compreendeu empresas não financeiras para as quais o banco de dados Economática dispunha de informações relativas ao período de 1995 a 2010. Foram descartadas da amostra as empresas com patrimônio líquido negativo, companhias com dados faltantes (missings), bem como observações com comportamento distinto dos demais (outliers). Por conta do baixo impacto dos números contábeis no mercado de capitais brasileiro detectado por Lopes (2005) esperava-se uma baixa presença da anomalia dos accruals no mercado de capitais brasileiro. Isso porque, países em que a importância dos lucros para os preços de mercado é reduzida, a precificação de ações seria menos influenciada pela fixação funcional no lucro final reportado o que, por sua vez, provocaria interferências na anomalia dos accruals (EL MEHDI, 2011). Para avaliar se a persistência dos componentes dos accruals era significativamente inferior aos componentes de fluxos de caixa, estimou-se uma regressão com dados em painel, na qual foi possível comprovar a hipótese de que os ajustes do regime de competência exibem uma menor persistência, com um parâmetro padronizado e estatisticamente significativo na regressão estimada de 0,43, enquanto os componentes de fluxos de caixa apresentaram um parâmetro de 0,53. A falta de significância estatística entre os accruals correntes e retornos anormais futuros das companhias estudadas, bem como, da ausência de retornos anormais significativos de estratégias baseadas em accruals demonstraram que uma baixa qualidade dos lucros correntes - devido a um alto nível de accruals - não resultou em retornos anormais negativos no período posterior. As proxies relativas a adoção das normas IFRS (International Financial Reporting Standards) e ao nível de investimentos - incluídas no modelo de regressão - compreendem parte das contribuições deste tralho, ainda que não se tenha identificado significância estatística para tais variáveis. Isso porque, por intermédio do teste-t, foi explicitada a ocorrência de uma relação entre o nível de acrruals e o crescimento do imobilizado. Tal resultado sugere indícios de que ambas as variáveis captariam o mesmo efeito, qual seja, a atividade investimento por parte das firmas (WEI; XIE, 2007; ZACH, 2007). Os resultados coadunam com as evidências detectadas por Cupertino (2010), ampliando os indícios sobre o comportamento do mercado frente a informações emanadas pela Contabilidade em mercados emergentes, além de explicitar a ausência da denominada anomalia dos accruals no mercado de capitais brasileiro.<br>This research was developed to evaluate investors\' ability to interpret Accounting data, more specifically, to examine its ability to effectively understand earnings information. As a complement, we have analyzed the existence of economic opportunities to obtain abnormal returns through investment strategies based on accruals. The sample was composed by nonfinancial companies with available information in Economatica database from 1995 to 2010. We\'ve excluded firms with negative equity, missing data, as well as outliers. In countries in which profits importance to market price is lower, pricing of shares would be less influenced by the bottom line functional attachment, which in turn, would decrease the Accruals Anomaly (El MEHDI, 2011). Since Accounting numbers in Brazilian stock market have demonstrated low impact (LOPES, 2005) we previously expect a lower presence of the Accrual Anomaly. To assess whether persistence of accruals was significantly lower than cash flow component, we\'ve estimated a panel data regression, in which it was possible to prove our first hypothesis, that accrual\'s exhibit a lower persistence with a 0.43 estimated parameter, while the cash flows have presented a 0.53 parameter, both significantly different from 0 at the 0.05 level. The lack of statistical significance between current accruals and future abnormal returns among studied companies and the absence of significant abnormal returns in strategies based on accruals have demonstrated that a low quality of current earnings - due to a high level of accruals - did not result in a negative abnormal return, thereafter. Adding proxies to IFRS adoption and investment level can be considered as an additional contribution. Although these variables have shown no statically significance, we\'ve found a relationship, explicit by T-test, between accruals level and inventory growth, providing evidences that both variables would capture the same effect, namely, investments activity by firms (WEIK; XIE, 2007; ZACH, 2007). The results are consistent with Cupertino (2010) research, have increased evidences about market behavior to Accounting information in emerging markets, and explicit the absence of the Accrual Anomaly in Brazilian stock market.
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Wakil, Gulraze. "Conservatism, Earnings Persistence, and the Accruals Anomaly." Kent State University / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=kent1301329397.
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Atieh, Abdallah. "UK Accruals and Cash Flows in Dividend Models." Thesis, University of Newcastle Upon Tyne, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.506613.
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Cupertino, César Medeiros. "Anomalia dos accruals no mercado brasileiro de capitais." reponame:Repositório Institucional da UFSC, 2012. http://repositorio.ufsc.br/xmlui/handle/123456789/94057.
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Tese (doutorado) - Universidade Federal de Santa Catarina, Centro Tecnológico, Programa de Pós-Graduação em Engenharia de Produção, Florianópolis, 2010<br>Made available in DSpace on 2012-10-25T05:58:54Z (GMT). No. of bitstreams: 1
280960.pdf: 546216 bytes, checksum: a16b119abc609c1b1ea855158bbd36f3 (MD5)<br>Esta tese analisa a ocorrência do fenômeno conhecido como "anomalia dos accruals" no mercado brasileiro de capitais. A anomalia dos accruals refere-se à obtenção de ganhos anormais com a exploração de uma estratégia de investimento baseada no diferencial de persistência dos componentes do lucro e na associação entre accruals e retornos. O presente estudo é conduzido por três hipóteses: (i) os componentes do lucro têm um diferencial de persistência, sendo que essa persistência é maior para o componente fluxo de caixa em relação ao componente accruals do lucro, (ii) a expectativa de lucros embutida no preço de ações falha em refletir a diferença de persistência dos componentes dos lucros (accruals e fluxo de caixa), (iii) a construção de uma carteira de hedge, tomando uma posição comprada (vendida) em ativos com baixos (altos) accruals gera retornos anormais consistentes. Os dados necessários para a realização do estudo foram obtidos na Economatica e são relativos aos anos de 1990 a 2008 e incluíram os ativos listados na Bolsa de Valores de São Paulo (com exceção das empresas financeiras). Os testes empíricos demandaram a realização de regressões com dados em painel para identificar a persistência do lucro e dos seus componentes; a execução do teste de Mishkin, com o intuito de verificar se o mercado apreça racionalmente o lucro; e a composição da carteira de investimento zero, para analisar se a estratégia de negociação baseada nos accruals proporciona retornos anormais positivos e consistentes. Os resultados indicaram que a persistência dos accruals é menor que a persistência do fluxo de caixa, que o componente accrual não é mal apreçado pelo mercado e que a estratégia de negociação baseada nos accruals não proporciona retornos positivos e consistentes. Apesar das evidências não serem animadoras para o intuito de arbitragem, os resultados demonstraram ser relevantes em diversas perspectivas. A metodologia aplicada permitiu identificar, entre outros aspectos, a qualidade dos lucros e dos seus componentes, a associação entre os componentes do lucro e retornos e a influência da discricionariedade gerencial na rentabilidade futura dos ativos. Portanto, o trabalho abre novas frentes para estudos relacionados à anomalia dos accruals, como a assimetria informacional, a avaliação de ativos e o gerenciamento de resultados.<br>This thesis examines the occurrence of the phenomenon known as "accruals anomaly" in the Brazilian capital market. The accruals anomaly refers to abnormal gains with the operation of an investment strategy based on the differential persistence of earnings components, and the association between accruals and returns. The study is driven by three hypotheses: (i) earnings components have a differential persistence, and the financial component (cash flow) has a persistence greater than the economic component (accruals) (ii) the expectation of earnings built into the stock price fails to reflect the difference in the persistence of earnings components (accruals and cash flow), (iii) the construction of a hedge portfolio, taking a long position in assets with low accruals and short position in assets with high accruals generates consistent abnormal returns. Data were obtained from the provider Economatica for the years 1990 to 2008. All listed assets in Bolsa de Valores de Sao Paulo (apart from financial firms) were included. The empirical tests demanded the execution of regressions with panel data to identify the persistence of earnings, its components and components of accruals; the Mishkin test, in order to check whether the market rationally pricing earnings; and the formation of the zero-investment portfolio to examine whether the trading strategy based on accruals provide positive and consistent abnormal returns. The results indicated that the persistence of accruals is lower than the persistence of cash flow, that the accrual component is not mispriced by the market, and that the trading strategy based on accruals do not provide consistent and positive returns, confirming the third hypothesis. Despite the evidence are not encouraging for the purpose of arbitrage, the results proved to be relevant in different perspectives. The methodology has identified, among other things, the quality of earnings and its components, the association between the components of earnings and returns and the influence of managerial discretion in the future profitability of assets. Therefore, the work opens new horizons for studies related to the accruals anomaly, such as information asymmetry, valuation and earnings management.
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Al-Attar, Ali Mohammad. "UK corporate data and future cash flows." Thesis, University of Newcastle Upon Tyne, 2003. http://hdl.handle.net/10443/402.
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This study examines the ability of current accounting data to explain future cash flows for UK firms, as disclosed under FRS I (1991, revised 1996). Rather than examining price data - from which cash flow implications have to be inferred -a more direct approach used in several recent US studies is adopted, in which actual future cash flow data are examined. Specifically, the methodology is a development of the OLS regression framework employed by Barth, et al. (2001). In the first stage of this study, a replication of their main OLS analysis is provided, and then extended to deal with fixed effects and time trends in the levels of cash flow data. The results show that (i) aggregate accruals have incremental information content beyond that already existing in aggregate earnings; (ii) the main components of aggregate accruals (depreciation and changes in accounts payable, accounts receivable, inventory) have incremental information content beyond that already existing in either earnings or aggregate accruals; and (iii) cash flows alone outperform earnings alone in explaining the variation in future cash flows. Furthermore, accruals (either aggregate or the individual components of accruals) have incremental information content beyond that already existing in cash flows. This evidence supports FRS I's assertion that accruals data should be used in conjunction with cash flow data in predicting future cash flows. The research design is then developed to examine the effect of firm characteristics on the association of earnings, cash flows and accruals with future cash flows. The results show that the decomposition of earnings into cash flows and accruals is more relevant and more value useful when: (i) the length of the operating cycle is short; (ii) the performance level is not extreme; (iii) the magnitude of total accruals is high; and (iii) the probability of default risk is high. The results also reveal that earnings outperform cash flows in explaining the variation in future cash flows when: (i) the magnitude of total accruals is low, and (ii) the probability of default risk is low.
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Moreira, Jeice Catrine Cordeiro. "Efeitos dos aspectos institucionais na anomalia dos accruals na América Latina." Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-12062018-164319/.
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Esta pesquisa buscou investigar a anomalia dos accruals nos retornos de cinco países da América Latina (Argentina, Brasil, Chile, México e Peru), bem como observar se os aspectos institucionais impactaram nos retornos anormais de accruals dos países. Para tanto, foram analisadas séries temporais para cada país, agrupadas em carteiras de accruals e carteiras de setor, para os modelos CAPM, 3-fatores e 4-fatores, incluindo o fator accruals e observados os retornos anormais das séries, avaliando-os por meio da estatística GRS e pelas estatísticas de teste do procedimento de Fama e MacBeth. Em seguida, foram construídos modelos de dados em painel para o período de 2004 a 2017, em que as variáveis dependentes foram os retornos anormais de accruals, resultantes das séries temporais mensais de cada uma das empresas, e as variáveis independentes foram os fatores institucionais característicos dos países e as variáveis a nível de empresa. O estudo esperava que, se confirmados os retornos anormais de accruals nas séries temporais da América Latina, os fatores específicos de cada país contribuiriam para explicar as diferenças de retornos anormais existentes entre eles. Os resultados confirmaram a presença de retornos anormais em todos os países da amostra, em todos os modelos e o comportamento dos accruals explicou parte dos retornos. Além disso, as variáveis institucionais dos países estudados impactaram os retornos anormais de accruals. Por fim, esta pesquisa fornece evidências quanto a generalização da anomalia dos accruals, enriquecendo a literatura sobre países ainda pouco explorados e de importância econômica crescente, além de prover indícios sobre os efeitos dos aspectos institucionais na anomalia dos accruals na América Latina.<br>This research aimed to investigate accrual anomaly of returns from five countries in Latin America (Argentina, Brazil, Chile, Mexico and Peru), and to observe whether institucional factors impacted the accruals abnormal returns in these countries. For that purpose, time series for each country were built, and grouped in accruals and industry portfolios for Capital Asset Pricing Model (CAPM), 3-factor and 4-factor models, including the accrual factor (ACC). Abnormal returns were detected through the GRS statistics and the Fama and MacBeth procedure. Then, panel data models were used considering the period from 2004 to 2017, in which the dependent variables was the accrual abnormal returns resulted from the individual monthly series for each analyzed company; and the independent variables were the country-specific institutional factors and the company-level variables. Considering previous literature, in this study, it was expected that, if the accrual abnormal returns were confirmed in the time series from Latin America, the specific factors from each country would contribute to explain the differences between the returns. The results confirmed the presence of abnormal returns in every country from the sample and in all models, plus, the behavior from accruals partially explains returns. Furthermore, the institutional variables of countries influence the accruals abnormal returns. Finally, this research provides evidence over the generalization of accruals anomaly, contributing to literature on poorly studied, but economically relevant countries, besides providing signs regarding effects of institutional factors effects on the anomaly in Latin America
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Schuster, Herivélton Antônio 1988, Roberto Carlos 1972 Klann, and Universidade Regional de Blumenau Programa de Pós-Graduação em Ciências Contábeis. "Responsabilidade social corporativa e gerenciamento de resultados por accruals." reponame:Biblioteca Digital de Teses e Dissertações FURB, 2016. http://www.bc.furb.br/docs/DS/2016/362373_1_1.pdf.
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Orientador: Roberto Carlos Klann.<br>Dissertação (Mestrado em Ciências Contábeis) - Programa de Pós-Graduação em Ciências Contábeis, Centro de Ciências Sociais Aplicadas, Universidade Regional de Blumenau, Blumenau.
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Brännhult, Anna, and Emelie Söder. "Earnings management genom återföring av avsättningar : En studie av noterade bolag på Nasdaq OMX Stockholm." Thesis, Högskolan i Borås, Akademin för textil, teknik och ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-12619.
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Det är genom den finansiella redovisningen som företag redogör för sina prestationer. Företag eftersträvar att redovisa höga vinster i syfte att värna om relationen till intressenter, vilken är relaterad till finansiell information. Earnings management utgör ett verktyg för att styra redovisad information i önskad riktning. Det bidrar till snedvridning och minskad trovärdighet för den finansiella rapporteringen.Dåvarande ordförande för U.S. Security and Exchange Commission, Arthur Levitt, uttrycker att earnings management är problematiskt, det försämrar kvaliteten på redovisat resultat och finansiella rapporter. Earnings management innebär ett utnyttjande av bedömningsutrymmen i syfte att manipulera den finansiella informationen. En redovisningspost som skapar tillfälle för företeelsen är avsättningar, vilka baseras på bedömningar. Avsättningar kan övervärderas för att skapa utrymme för framtida återföring, med avsikt att öka redovisat resultat. Av tidigare forskning framgår att återföring av avsättningar används mer frekvent när företag redovisar ett negativt resultat. Det har även konstaterats att företag återför avsättningar för att nå upp till förväntningar eller för att undvika att rapportera nedgång i vinster.Syftet med studien är att, inom ramen för earnings management, studera effekter av när företag på Nasdaq OMX Stockholm Large Cap återför avsättningar. Detta med fokus på företagens resultat samt måluppfyllelse. I studien är relationen mellan redovisat resultat och återföring av avsättningar central. Det undersöks huruvida avsättningar återförs, antingen för att undvika att redovisa ett förlustresultat eller för att nå upp till vinstmål. Det ska mynna ut i en slutsats om huruvida earnings management förekommer. Tidigare forskare har uttryckt ett behov av denna sortens studie, då det finns få empiriska studier där återföring av avsättningar granskas med koppling till earnings management.Studien har en deduktiv ansats och en kvantitativ metod har tillämpats för att besvara forskningsfrågorna. Datamaterialet utgörs av 222 stycken årsredovisningar under tidsperioden 2010-2015. Relevant finansiell information har hämtats ur dem för att testas och vidare analyseras. Datamaterialet har testats genom statistiska sambandstest och dess resultat analyseras med hjälp av tidigare forskning och studiens teoretiska referensram. Den teoretiska referensramen utgörs av positiv redovisningsteori, systemorienterade teorier och designad redovisning.Studien resulterar i ett enhetligt svar på forskningsfrågorna. Svaren indikerar på att earnings management genom återföring av avsättningar inte förekommer på Nasdaq OMX Stockholm Large Cap. Resultatet skiljer sig från tidigare forskning.<br>The financial statements are meant to convey the performance of a company. Companies strive to report high profits in order to safeguard their relationships with stakeholders, which are related to the financial information. Earnings management represents a tool for controlling reported information in a desired direction. It contributes to distortion and reduced credibility of the financial reporting.Former chairman of the U.S. Security and Exchange Commission, Arthur Levitt, states that earnings management is problematic, it’s causing an erosion in the quality of reported earnings and the financial reports. Earnings management involves the use of discretion in order to manipulate the financial information. Provisions, which are based on estimates, create an opportunity for the phenomenon. Provisions can be overstated to provide reserves for future reversals, with the intention to increase reported earnings. Prior research shows that reversals are used more frequently when companies report a loss. It has also been stated that companies use reversals to meet forecasts or to avoid reporting a decline in profits.The purpose of this study is to examine, in the context of earnings management, effects of reversal of provisions on Nasdaq OMX Stockholm Large Cap. This while focusing on reported earnings and earnings targets. Central for this study is the relationship between reported earnings and reversals. It is examined whether provisions are reversed in order to avoid to report a loss or with the aim to reach an earnings target. This will appear in a conclusion whether earnings management occurs or not. Prior researchers have expressed a need for this kind of study, as there are few empirical studies in which reversal of provisions, in the context of earnings management, is examined.The study has a deductive approach and a quantitative method has been applied in order to answer the research questions. The data material consists of 222 annual reports during the period 2010-2015. Relevant financial information has been collected from the annual reports in order to be investigated and analyzed. The data has been tested through statistical correlation tests and the results are analyzed using prior research and the theoretical framework. The theoretical framework consists of positive accounting theory, systems-oriented theories and designed accounting. The study results in a uniform answer. The answers indicate that earnings management through reversal of provisions does not occur on the Nasdaq OMX Stockholm Large Cap. This result is not consistent with prior research.This thesis is written in Swedish.
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Saune, Naibuka Uluilakeba Accounting Australian School of Business UNSW. "A re-examination of benchmark beating evidence." Awarded by:University of New South Wales. Accounting, 2009. http://handle.unsw.edu.au/1959.4/44565.
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This thesis examines the extent to which benchmark beating by Australian firms around the earnings level and earnings changes thresholds can be reliably interpreted as evidence of earnings management. A number of recent academic papers challenge the earnings management explanation for the observed kinks in the distribution of net Income. In response to this criticisms, this thesis is motivated to conduct tests of earnings management with a refined methodology of selecting a subset of firms immediately above the threshold that have a priori incentives to achieve the benchmark. This approach allows for investigations to focus on benchmark beating observations where earnings manipulations would be more prevalent and thereby provide a powerful test for the existence of opportunistic reporting. The paper uses a number of unexpected accruals measures including the Kothari et al. (2005) performance matched models. In testing the hypotheses, this thesis utilises two approaches which were; the regression approach and the test of difference of means approach. Based on a broad sample drawn from all listed Australian firms for the years 1995-2007, small profit firms and small increase firms with high price-to-sales ratio were found to have evidence consistent with opportunistic benchmark beating behaviour. Similar results are also documented for benchmark beating firms with low book-to-market (high market-to-book) ratio. This thesis also finds that firms with equity offering incentives who reported improvement in earnings display unexpected accruals consistent with earnings management. In addition, the accounting behaviour of firms which previously incurred a loss is consistent with earnings management explanation. Firms with long strings of earnings increases also appear to use accounting discretion in order to avoid earnings deterioration. Similarly, evidence of earnings management are also displayed by small profit firms which have consistently reported negative earnings. Finally, this thesis provides evidence that resolves the apparent paradox that benchmark beating is evidence of earnings management which is devoid of the statistical artefact argument posited by Durtschi and Easton (2005) and Durtschi and Easton (2008).
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Zhao, Fang. "Implications of FIN 46 for Accruals Quality and Investment Efficiency." FIU Digital Commons, 2014. http://digitalcommons.fiu.edu/etd/1553.
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The Financial Accounting Standards Board (FASB) issued Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities – An Interpretation of ARB No. 51, in January 2003 and revised it in December 2003, with the objective to improve the transparency of financial information. Under FIN 46, companies are required to consolidate variable interest entities (VIEs) on financial statements if they are the primary beneficiaries of the VIEs. This dissertation empirically examines whether the implementation of this new financial reporting guidance affects firms’ accruals quality and investment efficiency. A manually collected sample comprised of firms affected by FIN 46 and firms disclosing no material impact from FIN 46 is used in the empirical analyses.The first part of the dissertation investigates the effects of FIN 46 on accruals quality. By using different accrual quality measures in prior studies, this study found that firms affected by FIN 46 experienced a decrease in accrual quality compared to firms reporting no material impact from FIN 46. Among the firms affected by FIN 46, firms consolidating VIEs were compared with firms terminating or restructuring VIEs. The accruals quality of firms consolidating VIEs was found to be lower than that of firms terminating or restructuring VIEs. These results are consistent in tests using alternative control samples.The second part of this dissertation examines the effects of FIN 46 on investment efficiency. Mixed results were found from using two different proxies used in prior literature. Using the investment-cash flow sensitivity to proxy for investment efficiency, firms affected by FIN 46 experienced a decrease in investment efficiency compared to firms reporting no material impact. It was also found that higher investment-cash flow sensitivity for firms consolidating VIEs during post-FIN 46 periods compared to both the no-impact firms and the matched pair control sample. Contrasting results were found when the deviation from expected investment is used as another proxy for investment efficiency. Empirical analyses show that FIN 46 firms experienced improved investment efficiency measured by the deviation from expected investment after their adoption of FIN 46. This study also provides explanations for the opposite results from the two different proxies.
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Wu, Guoli. "Accruals Quality and the Prediction of Earnings and Cash Flows." Thesis, Imperial College London, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.511863.
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Young, Steven Eric. "Discretionary accounting accruals : systematic measurement error and firm-specific determinants." Thesis, Lancaster University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.307362.
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Liu, Michelle M. "Accruals and managerial operating decisions over the firm life cycle." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37251.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2006.<br>Includes bibliographical references (leaves 72-75).<br>This paper explores how accruals capture managerial operating decisions that evolve over a firm's life cycle. I argue that growing firms face different operating environments and have fundamentally different accruals properties than those of mature and declining firms. I provide evidence that accruals vary with changes in a firm's operating environment over its life cycle. I show in one example that by ignoring life cycle fundamentals, previous empirical methods would likely misclassify this variation in accruals as reflecting systematic differences in a firm's "accounting quality". I suggest empirical techniques to mitigate incorrect inferences about accounting quality and to better understand how operating decisions affect accruals.<br>by Michelle M. Liu.<br>Ph.D.
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Oliveira, Ana Margarida dos Santos de. "Gestão de resultados : accruals v.s. operações reais, complementares ou substitutas?" Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/15145.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>Este estudo pretende analisar se os gestores utilizam estratégias de gestão de resultados, nomeadamente, real earnings management (REM) e accrual-based earnings management (AEM), de forma complementar ou substituta. Para tal, foi recolhida uma amostra final constituída por 510 empresas cotadas da União Europeia (U.E.) entre o ano de 2009 e o ano de 2016. Por forma a calcular REM, utilizou-se a metodologia desenvolvida por Roychowdhury (2006) e, para calcular AEM, seguiu-se o modelo de Jones modificado (Dechow et al., 1995). Analisando a magnitude da gestão de resultados, os resultados sugerem que existe alguma evidência de que as estratégias de gestão de resultados, AEM e REM, são utilizadas de forma complementar pelas empresas cotadas da U.E.. Porém, considerando a direção da gestão de resultados, conclui-se que as estratégias de gestão de resultados, AEM e REM, são utilizadas de forma substituta pelas empresas cotadas da U.E..<br>This study analyses whether managers use earnings management strategies, namely, real earnings management (REM) and accrual-based earnings management (AEM), as complements or substitutes. Therefore, 510 listed firms of the European Union (EU) between 2009 and 2016 were gathered to form the final sample. To compute REM, we used the methodology developed by Roychowdhury (2006) and, to compute AEM, we followed the modified Jones model (Dechow et al., 1995). Analysing the magnitude of earnings management, the results suggest that it might exist some evidence that earnings management strategies, AEM and REM, are used in a complementary manner by EU listed companies. However, considering the direction of earnings management, we conclude that earnings management strategies, AEM and REM, are used in a substitute manner by EU listed companies.<br>info:eu-repo/semantics/publishedVersion
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Mashoka, Tareq Zaki. "Earnings management and loss reversal." Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/4619.
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This research aims to detect and measure earnings management using a newly modified version of the standard Jones model (Jones, 1991). The standard model is extended to include a measure of discretionary accruals as an additional regressor instead of using the residuals. The variable used to measure discretionary accruals is a composite variable that consists of two components, one that represents the incentive and the other represents the tool of manipulation. The model is applied to detect earnings management in loss reversal companies for listed companies in Jordan and examine the market reaction to the loss reversal. The model is also applied on loss reversal companies for listed companies in the UK and the US. In chapter three, the new model is applied on listed companies in Amman Stock Exchange (ASE). The ASE is structured into two markets: the first market and the second market. Companies are motivated to be listed or remain listed in the first market since it only lists profitable companies. Companies reporting losses more frequently are listed in the second market. Results provide evidence of earnings management for companies listed in the first market. Companies that report a loss in a previous period manipulate in the following period to report profits. As a result of loss reversal, they preserve their place in the first market and avoid dropping back to the second market. This research conducts statistical simulation tests to compare the extended Jones model with the standard model. Results show that the extended model detects earnings management better than the standard one. This new model also separates discretionary accruals from measurement error (i.e. residuals) and makes it possible to accurately measure the whole amount of manipulation. Chapter four examines the investor reaction to the manipulation taking place in the first market. Results show that the market is pricing the discretionary accruals (the manipulation) as a component of net income, although they result only from earnings management. In chapter five, the model is applied on loss reversal firms listed in the UK and in the US. Results show that the companies manipulate to reverse losses and the manipulation depends on to the presence of R&D activities and the changing level in these activities.
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Joia, Roberto Midoguti. "Adoção de IFRS e gerenciamento de resultado nas empresas brasileiras de capital aberto." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/96/96133/tde-06122012-155637/.
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A contabilidade brasileira passou por mudanças normativas que deixaram suas demonstrações de acordo com o padrão internacional. Pesquisas realizadas com empresas de capital aberto em vários países do mundo indicam que essa nova norma tende a melhorar a qualidade da informação e deixá-la mais comparável e transparente. Diante disso, o estudo tem como objetivo analisar o impacto da adoção do International Financial Reporting Standard sobre os níveis de gerenciamento de resultados das companhias brasileiras de capital aberto (com exceção das instituições financeiras). A hipótese desenvolvida é de que a nova norma reduz o gerenciamento de resultados nas empresas brasileiras. Os dados foram extraídos das demonstrações contábeis trimestrais dos bancos de dados do Economática e da Comissão de Valores Mobiliários referentes ao período de 2006 a 2011. Para alcançar o objetivo da pesquisa, foi examinada por meio de um modelo proposto a relação entre as variáveis accruals discrionários e a aderência do International Financial Reporting Standard. Na equação, além dessas, foram inseridas as variáveis de controle como o nível de endividamento, o fluxo de caixa operacional, o retorno sobre o ativo e o tamanho da empresa. Para o cálculo dos accruals discricionários foi empregado o Modelo de Jones Modificado. Com base no modelo proposto, foram utilizadas várias técnicas estatísticas e aplicou-se o teste de Kolmogorov-Smirnov para analisar se a amostra possui dados distribuídos normalmente. Em seguida, foi analisada a correlação de Spearman entre as variáveis do modelo proposto e analisada as médias dos accruals, por meio do teste U de Mann-Whitney. Por fim, foi elaborada a análise de regressão com dados dispostos em painel com correção de Newey- West. A correlação e o teste de médias corroboraram a hipótese desenvolvida, porém aregressão não confirmou a hipótese, com significância estatística, de que o novo padrão contábil reduziu o nível de gerenciamento de resultados nas divulgações das demonstrações elaboradas com a adoção das normas IFRS pelas empresas brasileiras de capital aberto.<br>The Brazilian accounting has undergone regulatory changes that have left their statements according to international standard. Research conducted with publicly traded companies in various countries around the world indicate that this new standard tends to improve the quality of information and make it more comparable and transparent. Thus, the study aims to analyze the impact of adopting International Financial Reporting Standard on the levels of earnings management of Brazilian companies traded (excluding financial institutions). The hypothesis is that the new standard reduces the earnings management in Brazilian companies. Data were extracted from the quarterly financial statements of databases Economática and Comissão de Valores Mobiliários for the period 2006 to 2011. To achieve the objectives of the study was examined by means of a model the relationship between the variables discretionary accruals and International Financial Reporting Standard. In the equation, beyond these, the control variables were entered as the level of debt, the operating cash flow, return on assets and firm size. For the calculation of discretionary accruals, we employed the Modified Jones Model. Based on the proposed model, several statistical techniques were used and applied the Kolmogorov-Smirnov test to examine whether the sample has normally distributed data. Next, we analyzed the Spearman correlation between the variables of the model and analyzed the average, by means of the U of Mann-Whitney. Finally, we elaborate regression analysis with data arranged in a panel with Newey-West correction. The correlation and mean test corroborated the hypothesis developed, but the regression did not confirm the hypothesis with statistical significance that the new accounting standard reduced the level of earnings management disclosures in the financial statements prepared with the adoption of IFRS for publicly traded Brazilian companies.
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Ribeiro, Ana Rafaela Martinho. "Impostos diferidos e gestão de resultados." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21020.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>Ao longo da literatura são vários os estudos que investigam as causas e as consequências da gestão de resultados, no entanto, os estudos que relacionam os impostos diferidos com a gestão de resultados são escassos. Neste seguimento, o presente estudo pretende investigar a relação entre os impostos diferidos e a gestão de resultados, ao nível do reporte de decréscimo de resultados e de prejuízos. Para o efeito, com base nos estudos de Burgstahler e Dichev (1997), Phillips, Pincus e Rego (2003) e Noor, Mastuki e Aziz (2007) foram construídos dois modelos com amostras específicas. Para modelo (1), relativo aos decréscimos de resultados, utilizou-se uma amostra composta por 8.535 observações referentes a 2.000 empresas de 2007 a 2019 e para o modelo (2), relativo aos prejuízos, utilizou-se 5.949 observações referentes a 1.811 empresas de 2006 a 2019, ambas com empresas europeias pertencentes aos primeiros 15 países da União Europeia. Os resultados obtidos sugerem que as empresas europeias utilizam os impostos diferidos para evitar reportar prejuízos, mas não para evitar o reporte de decréscimos de resultados. De modo a complementar este estudo e a avaliar a robustez dos resultados obtidos foram realizadas duas análises. Na primeira análise retirou-se as empresas do Reino Unido (país com maior representatividade nas amostras) e na segunda análise, retirou-se as empresas do setor K - "Industrial" (setor com maior representatividade nas amostras). No entanto, os resultados obtidos foram semelhantes aos resultados obtidos nos modelos principais.<br>There are several studies that investigate the causes and consequences of earnings management in the literature, however, studies that relate deferred taxes to earnings management are scarce. In this context, the present study intends to investigate the relationship between deferred taxes and earnings management, in terms of reporting earnings decline and losses. For this purpose, based on the studies of Burgstahler and Dichev (1997), Phillips, Pincus and Rego (2003) and Noor, Mastuki and Aziz (2007), two models were built with specific samples. In the model (1), it was used a sample composed of 8,535 observations referring to 2,000 companies from 2007 to 2019 to study earnings decline and in the model (2), it was used a sample composed by 5,949 observations referring to 1,811 companies from 2006 to 2019 to study losses, both with European companies belonging to the first 15 countries of the European Union. The results obtained suggest that European companies use deferred taxes to avoid reporting losses, but not to avoid reporting earnings decline. In order to complement this study and assess the robustness of the results obtained, two analyses were performed. In the first analysis, companies from the United Kingdom (country with greater representativeness in the samples) were removed and in the second analysis, the companies of sector K - "Industrial" (sector with greater representativeness in the samples) were removed. However, the results obtained were similar to the results obtained in the main models.<br>info:eu-repo/semantics/publishedVersion
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Ibrahim, Salma Samir. "An alternative measure to detect intentional earnings management through discretionary accruals." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2679.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.<br>Thesis research directed by: Business and Management. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Nguyen, Thu Hang. "L'efficacité du marché financier : essais sur l’effet “momentum” et l’anomalie “accruals”." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20001/document.
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Cette thèse se compose de trois essais sur deux anomalies bien documentées : effet momentum et anomalie des ajustements comptables. Le premier essai examine si l'ampleur de l'anomalie des ajustements comptables est entraînée par la probabilité de détresse financière. Les résultats indiquent que l'anomalie des ajustements comptables est économiquement et statistiquement positive pour les entreprises avec une faible probabilité de détresse financière, mais non significative pour celles avec une forte probabilité de détresse financière. Cela signifie que cette anomalie des ajustements comptables est omniprésente, mais pas limitée aux entreprises avec une faible probabilité de détresse financière. Le deuxième essai étend la question de recherche abordée dans le premier essai au marché boursier émergent du Vietnam. Comme pour les résultats du premier essai, les résultats indiquent que l'anomalie des ajustements comptables est limitée aux stocks avec une faible probabilité de détresse financière. Le dernier essai examine si l'effet momentum se produit sur le marché boursier vietnamien. Les résultats confirment la présence de momentum dans le court terme et révèlent aussi que les rendements gagnants et perdants sont faiblement persistants, mais que la forte corrélation entre ces rendements gagnants et perdants crée des bénéfices momentum significatifs<br>This dissertation consists of three essays on two well-documented anomalies: momentum effect and accrual anomaly. The first essay investigates whether the magnitude of accrual anomaly is driven by the financial distress probability. The results indicate that accrual anomaly is economically and statistically positive for firms with low financial distress probability, but insignificant for those with high financial distress probability. This means that that accrual anomaly is not pervasive but limited to firms with low financial distress probability. The second essay extends the research question addressed in the first essay into the emerging stock market of Vietnam. Similar to the findings in the first essay, the results indicate that the accrual anomaly is limited to the stocks with low financial distress probability. The last essay examines whether the momentum effect occurs in the Vietnamese stock market. The results support the occurrence of momentum in the short-run and also reveal that winner and loser returns are low persistent, but the strong correlation between winner and loser returns creates significant momentum profits
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Cheng, Peng. "Related party transactions, accruals management and post-IPO operating performance : Chinese experience." Thesis, University of Surrey, 2007. http://epubs.surrey.ac.uk/842896/.
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This study investigates the reported operating performance of Chinese IPOs (Initial Public Offerings) before and after the IPO. It shows that Chinese IPOs report a significant decline in operating performance relative to the pre-IPO level, in terms of Return on Assets (ROA) and Operating Cashflow on Assets (CFO). Importantly, the study explores the explanations for the operating performance from before to after the IPO. It starts with testing the 'Managerial Ownership Dispersion Hypothesis'. However, there is no evidence that the decline in reported operating performance of Chinese IPO firms is associated with the change in managerial ownership from before to after the IPO. Managers in Chinese listed firms hold a very small percentage of ownership, which is too small to make any effective impact on corporate operating performance, and there is no significant decrease In the post-IPO managerial ownership relative to the pre-IPO managerial ownership. So, in this sense, Chinese IPO data cannot provide empirical evidence to support the Managerial Ownership Dispersion Hypothesis, which is conjectured by Jensen and Meckling (1976). This study also tests the 'Earnings Management Hypothesis' to explain the operating performance decline of Chinese IPOs from before to after the IPO. There is significant evidence that Chinese IPO firms manipulate accruals so as to boost pre-IPO reported earnings. Besides accruals manipulation, this study further investigates related party transactions (RPTs) around the IPO. The findings show that related party transactions between IPO firms and controlling shareholders have significant effects on reported operating performance of IPO firms. The abnormally high reported operating performance in the pre-IPO period is positively associated with the size of operating RPTs (non-loan) between controlling shareholders and IPO firms in the pre-IPO period. Evidently, controlling shareholders significantly structure artificial operating RPTs to boost revenues and/or profits of their IPO subsidiaries. However, in the post-IPO period, controlling shareholders discontinue these RPT-based manipulative practices, and begin to expropriate IPO subsidiaries by obtaining cash loans from IPO subsidiaries, primarily in return for profits and/or resources transferred into IPO subsidiaries in the pre-IPO period (Cheng et al., 2007). The post-IPO operating performance is negatively associated with the size of such loans by IPO firms to controlling shareholders in the post-IPO period.
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Petrovic, Nikola. "Accruals, earnings volatility and future operating and share performance : The UK evidence." Thesis, University of Essex, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.499762.
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Chuang, Ya-Hui, and 莊雅惠. "Earnings patterns, Earnings quality, Discretionary accruals, accrual estimation errors." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/88340248915385327816.
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碩士<br>輔仁大學<br>會計學系碩士班<br>92<br>This study investigates whether the pricing effects associated with three earnings patterns (increasing annual earnings, annual earnings that consistently meet or beat management forecasts, and smooth earnings) are related to each other and, separately, to the quality of the underlying earnings. The sample comprises 968 firm-year observations during 1997-2001. The study measures earnings quality in two ways: the standard deviation of the past five years regression residuals from Dechow and Dichev (2002) accrual estimation errors model and performance-adjusted discretionary accruals based on results in Kothari et al. (2002). Controlling for other variables known to affect earnings multiples, the result of empirical study present that earnings multiples are increasing for firms whose earnings consistently meet or beat management forecasts and reported smooth earnings, but decreasing in the number of years that the firm reports increasing annual EPS. In addition, the market rewards high quality earnings with price premiums. We also identify distinctly-priced incremental elements of two patterns (consistently increasing annual earnings and meet or beat management earnings forecasts) and earnings quality. Finally, contrary to our expectation, investors do not appropriately interpret the earnings patterns conditionally on the signals of earnings quality.
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Chu, Yan-Chen, and 朱妍蓁. "Institutional investors' holding behavior and discretionary accruals and accrual estimation errors." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/55826516222454644538.
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碩士<br>國立臺北大學<br>會計學系<br>97<br>This paper investigate the association between institutional investors’ holding behavior and discretionary accruals and them accrual estimation errors in Taiwan. The results show that they are no significantly relationship between institutional investors’ holding behavior and discretionary accruals and them accrual estimation errors. There for is seems like the institutional investors’ don’t consider these information very seriously. And it might need further studies to find out their relation.
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Cotten, Brett D. Peterson David R. "Stock returns, earnings management, and discretionary accruals an examination of the accrual anomaly /." Diss., 2005. http://etd.lib.fsu.edu/theses/available/etd-08162005-121840.
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Thesis (Ph. D.)--Florida State University, 2005.<br>Advisor: David Peterson, Florida State University, College of Business, Dept. of Finance. Title and description from dissertation home page (viewed Jan. 24, 2006). Document formatted into pages; contains viii, 131 pages. Includes bibliographical references.
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Resutek, Robert James 1976. "Intangible returns, accruals, and return reversal : a multi-period examination of the accrual anomaly." 2008. http://hdl.handle.net/2152/17731.
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This dissertation reexamines the theoretical and empirical relation between future period returns and current period accruals. Prior studies find a negative relation between current period accruals and future returns. This finding (the accrual anomaly) is often attributed to either (a) investors mispricing accrual persistence or (b) investors mispricing the growth information contained in current accruals. In this study, I show that accruals are a natural manifestation of firm growth and contraction and that the information contained in accruals is not associated with future returns. This finding holds for multiple accrual definitions and decompositions. My study provides an alternative explanation for the accrual anomaly. In addition, I provide economic intuition and empirical evidence suggesting that the accrual anomaly is a function of the value/growth anomaly. In contrast to prior studies which use a two-period model to show the negative association between accruals in period one and returns in period two, I employ a three period log-linear model decomposed from a firm’s book-to-market ratio and show that investors do not misprice the information contained in accruals. My study shows that in the four year period prior to accrual recognition, equity prices tend to be driven disproportionately by intangible returns, or returns not explained by accounting measures. Accordingly, the relation between prior-period intangible returns and future-period returns may subsume the relation between current-period accruals and future returns. Empirical tests support this explanation.<br>text
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Yeh, Chen-Chen, and 葉蓁蓁. "The Pricing of Discretionary Accruals-Performance Measure Hypothesis、Opportunistic Accrual Management Hypothesis and Noise Hypothesis-." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/63939226341862373655.
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碩士<br>中原大學<br>會計研究所<br>90<br>The purpose of this study is to explore the attributes of discretionary accruals (thereafter “DAs”) under different earnings management behaviors. The attributes includes forecast relevance, serial relation, and value relevance.
Prior research studied by Guay, Kothari, and Watts in 1996 had three hypotheses presented for earnings management behaviors known as performance measure hypothesis, opportunistic accrual management hypothesis, and noise hypothesis. In this study, we extended the Ohlson (1999) model by developing a new accounting-based valuation model concerning DAs based on linear information model and pricing model. By comparing the coefficients in each model, we tested whether the different attributes of DAs would exist under the three different earnings management hypotheses. Moreover, we also examined whether our model designed for the valuation of DAs would be superior to the model created by Jones (1991), and would result in a lower measurement error.
We find that DAs of the companies have incremental ability for predicting the future abnormal earning under both performance measure hypothesis and opportunistic accrual management hypothesis. The coefficient predicted is positive under performance measure hypothesis, while it is negative under opportunistic accrual management hypothesis. Regarding noise hypothesis in my model, DAs have not forecast relevance. Second, in performance measure hypothesis, DAs present a negative serial relationship which implicates that DAs would reverse afterwards. However, this attribute is not proved in the other two hypotheses. Third, DAs are value-relevant under both performance measure hypothesis and opportunistic accrual management hypothesis, but DAs are not value-relevant under noise hypothesis. Finally, consistent with prediction, our measurement model for valuating DAs is indeed superior to Jones’ model, and the measurement errors of our measurement model is less than that of Jones’ model.
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Chiu, Yun-Shiang, and 邱惲翔. "Accruals and Future Security Returns." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/50390965503377640693.
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碩士<br>國立臺灣大學<br>會計學研究所<br>96<br>The study researches on two competing hypotheses for the accrual anomaly: investment/growth and persistence. Both investment/growth and persistence information in accruals are likely to vary cross-sectionally, depending on a firm’s industry characteristics, a fact that generates different cross-sectional implications for the accrual anomaly. This study find that the magnitude of the accrual anomaly monotonically increases with the investment information contained in accruals, as measured by the co-variation between accruals and employee growth. In industries/firms in which accruals co-vary with employee growth, accruals show strong predictive power for future stock returns. In industries/firms in which accruals show little correlations with employee growth, the accrual anomaly is much weaker. From the earnings perspective, the evidence on one-year-ahead earnings growth is inconclusive, but the results on longer-term earnings growth support the investment argument but not the persistence argument. Collectively, I conclude that these results support the view that the accrual anomaly is attributable to the fundamental investment information contained in accruals.
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Lin, Yu-Hui, and 林郁慧. "Analysts'' Cognition for Accruals Persistence." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/76342944002497227194.
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碩士<br>逢甲大學<br>會計與財稅研究所<br>90<br>This study tests predictions relating to the role of financial analysts in aiding investors’ assessment of the different valuation implications of the cash flow and accrual components of earnings. I directly evaluate the magnitude of the weights attached by analysts to earnings components (i.e. their estimates of persistence) relative to the weights implied by the earnings process (actual persistence). First, I investigate whether analysts’ forecasts correctly reflect the difference in persistence of accrual and cash flow components of earnings. Second, I investigate whether analysts’ forecasts reflect the difference in persistence of discretionary and non-discretionary components of accruals. Furthermore, different accrual components contain different information relating to future earnings; while aggregation of these accrual components masks this differential information content. Thus, I investigate whether analysts’ forecasts reflect the difference in persistence of various accrual components.
My findings suggest that analysts’ forecasts do not appear to fully incorporate the information in prior earnings. Analysts do distinguish between accrual and cash flow components; discretionary and non-discretionary accrual components; current and non-current accrual components; and various accrual components of earnings although they generally underweight the information in these earnings components. I find that disaggregating earnings into cash flow and the major components of accruals (change in accounts receivable, change in inventory, change in accounts payable, depreciation and amortization, and other accruals) significantly enhances earnings’ predictive power.
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Ying-NingKao and 高穎寧. "Auditor Narcissism and Accruals Quality." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/8h6wq3.
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Yu-HsienYang and 楊渝嫻. "Auditor Ethnicity and Accruals Quality." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/xub29k.
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Cheng, Ling-chi, and 鄭淩淇. "The Information Content of Discretionary Accruals." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/65042641239725112351.
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碩士<br>中原大學<br>會計學系<br>88<br>Discretionary accruals play an important role in determining the behavior of reported earnings. Since discretionary accruals are subject to management’s manipulation, past researches focused on the role of discretionary accruals in contracting and income smoothing. The current study extends Subramanyam（1996）and classifies discretionary accruals into those for the purposes of signaling and for the purposes of smoothing income. The results indicate that the Taiwan capital market responds to discretional accruals that are hypothesized for the purposes of signaling stronger than those for the purposes of smoothing income. Although the associations between discretionary accruals and future performance indicators are positive, the relationship between discretionary accruals that are hypothesized for the purposes of signaling and future performance indicators is weaker than that between discretionary accruals that are hypothesized for the purposes of smoothing income and future performance indicators.
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Lin, Wen-Fan, and 林玟汎. "Accruals,Cash flows,and Equity value." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/56169016381399661911.
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碩士<br>國立中山大學<br>財務管理學系研究所<br>92<br>Ohlson(1995) and Feltham and Ohlson (1995) explain the importance of the financial reports through clean surplus relation and build up the relationship of market value, book value and earnings. The main structure of Ohlson model is the balance sheet and the income statement; however, the model doesn’t contain the information of cash flows. The purpose of this paper is to find the relationship of accruals, cash flows, and market value.
The results of this paper show that to divide net income into accruals and cash flows is good at forecasting abnormal earnings and valuing market value. To divide accruals into separate accruals also is helpful to forecast abnormal earnings and value market value. The cash flows and the accruals are different at forecasting and valuing.
Key words：Accruals, Cash Flows, Market Value
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Hsu, Yun-Chien, and 徐韻蒨. "Discretionary Accruals, Derivatives and Earnings Management." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/85536869303606325558.
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碩士<br>國立中興大學<br>會計學研究所<br>96<br>Under the incentives of managers’ compensation and job security, management may attempt to use any method allowable in accounting rules to manipulate earnings. Previous studies focused on exploring the negative relationship between derivatives trading and discretionary accruals when the company desired to smooth earnings. However, enterprise’s strategy may not be the same. This study investigates the relationship between derivatives trading and discretionary accruals under different financial strategies.
Research samples are collected from top 200 equity values of Taiwan listed company during 2003 to 2005. Using simultaneous equations and two stage least square to examine the relation between derivatives trading and discretionary accruals. The evidence shows the significant negative association between two earnings management tools and supports the hypothesis that managers trade off discretionary accruals and derivatives to smooth earnings volatility. However, in the enlarging earning volatility, I can not find the coherent results. No matter what kind of financial strategy, companies use more derivatives when the company size and debt-to-asset ratio is greater; the operating cycle is longer and debt-to-asset ratio is larger, managers use more discretionary accruals. On the other hand, when the managers’ compensation is larger and companies with growth opportunities use less discretionary accruals.
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Kao, Shiang-Heng, and 高祥恒. "Discretionary Accruals, Derivatives and Income Smoothing." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/14934429453084204363.
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碩士<br>國立成功大學<br>會計學系碩博士班<br>90<br>This study investigates the use of discretionary accruals and derivatives in income smoothing. Using the 1998-2000 Taiwan’s Top 200 listed companies as the study sample (109 firms) and self-selection simultaneous equations, the empirical investigations show a substitute relation between the uses of discretionary accruals and derivatives for income smoothing. Consistent with income smoothing hypothesis, the use of discretionary accruals is related to debt risk, growth opportunities, size, accounting flexibility and operating performance. In contrast, the use of derivatives is related to management compensation, exports, operating leverage and short-term liquidity.
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Zou, Fei. "Essays on the accounting accruals anomaly." 2003. http://wwwlib.umi.com/cr/utexas/fullcit?p3116245.
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Lo, Hsiao-Ching, and 羅筱靖. "Accruals, Cash Flows And Equity Values." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/81548268736673375975.
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碩士<br>中原大學<br>會計研究所<br>90<br>This study develop linear information model（LIM）and accounting-based valuation model by utilizing the framework in Ohlson（1999）and add the conservatism parameter of Feltham and Ohlson（1995）. We also replace the information other than abnormal earnings for an intercept according to Myers（1999）. This study discusses following attributes relative with equity value of earnings component：（i）forecasting .（ii）persistence.（iii）book value influences earnings component for next-period.（iv）value relevance.
With respect to empirical results, we use Ordinary Least Squares（OLS）to perform each industry equation. We verify every attribute by using regression analysis of t statistic. We find as followings：（i）in most industries, accruals(cash flows) can forecast next-period abnormal earnings. （ii）current accruals(cash flows) can predict next-period accruals(cash flows). （iii） current book value is relative with accruals and cash flows . （iv）current accruals(cash flows) influences current equity value.
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Ya-JuTsai and 蔡雅如. "Auditor’s Client Concentration and Discretionary Accruals." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/vx5ueq.
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Ting-ChiaoHuang and 黃鼎喬. "Analyst Forecast, Accruals Mispricing, and Earnings Management." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/87bu7j.
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博士<br>國立成功大學<br>會計學系<br>102<br>The two essays in my dissertation explore the effects of analyst supplementary forecasts on investor information interpretation and manager’s myopic behaviors. The first essay investigates whether accruals mispricing is aggravated when analysts provide earnings forecasts alone and is mitigated when analysts provide supplementary forecasts. This paper hypothesizes that the provision of analyst earnings forecasts alone or supplementary forecasts influences investor earnings fixation and thus accruals mispricing through investor’s attention toward earnings, the ability to access earnings persistence, and the usefulness of earnings in firm valuation. This paper documents consistent evidence that the types of analyst forecasts influence accruals mispricing, after controlling for the factors of accruals mispricing, corporate governance, forecast characteristics, and endogeneity issues.
The second essay examines whether analyst revenue forecasts trigger more earnings management. This paper hypothesizes that analyst revenue forecasts increase the transparency of earnings management as well as the incentives to manipulate earnings and earnings components. Based on an inter-temporal research design, this paper documents significant evidence that managers use more accruals and revenue management, real activity manipulation, and income classification shifting after analysts start to provide revenue forecasts in addition to earnings forecasts. Such increases in earnings management are not found in control firms and are more pronounced before the Sarbanes-Oxley Act.
Combined together, my dissertation suggests that although analyst supplementary forecasts direct investor’s attention toward earnings components other than earnings, the provision of analyst revenue forecasts increases manager’s incentives to manipulate earnings and earnings components at the same time through multiple earnings management tactics to meet different performance targets simultaneously. One explanation for the different effect of revenue forecasts on earnings management, compared with cash flow forecasts, is the importance of growth information in firm valuation, which is likely to be contained in revenue forecasts.
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Chang, Shu-Chun, and 張淑君. "Accruals-based Earnings Management and Earnings Informativeness." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/78552926861803813384.
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碩士<br>國立雲林科技大學<br>會計系<br>101<br>Earnings quality is a critical concerned by investors and analysts in the capital market. The financial information can provide users with the instant financial conditions and operating achievements of the company, thus, can be used as a reference for assessing the decisions of investment and credit. Aiming to improve the usefulness of the financial statements, management has influence on the policies of corporate financial reporting. Therefore, it’s possible for the management to use the discretion endowed by the generally accepted accounting principles to target the earnings threshold. Taking the companies listed (or OTC) from 2000 to 2009 as samples, the study examines the influence of accounting accruals-based earnings management on the earnings informativeness. It’s found that the magnitude of discretionary accruals is negatively associated with the earnings informativeness. This study implements several diagnostic checks and reveals the empirical findings are robust to the supplementary examinations.
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Li, Chi-Hua, and 李啟華. "Inventory and the Estimates of Discretionary Accruals." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/32081342349138956920.
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博士<br>國立臺灣大學<br>會計學研究所<br>96<br>This study examines the role of inventory on estimates of discretionary accruals. Chan et al. (2006) and Thomas and Zhang (2002) indicate that the negative relation between accruals and future abnormal returns pointed out by Sloan (1996) is due mainly to changes in inventory, so there is more information in changes in inventory than in other accrual items. This paper modifies the model of Dechow et al. (1998) to show that changes in inventory do not just depend on changes in sales, but both on generation processes of sales and firms’ inventory policies. As mentioned above, it is not appropriate to only using current changes in sales to estimate normal changes in inventory, one of nondiscretionary accrual components. However, few studies investigate the effect of inventory on discretionary accruals. To overcome this shortcoming, this study proposed inventory control variables, (NorΔInv), that captures the past, current, and future information in inventory. After adding the control variable to Jones, modified-Jones and performance-matched models, this study examines the specification and the power of tests based on the discretionary accrual measures with the inventory control variables and compares with tests using original discretionary accrual measures. Besides, the study also examines the effect of inventory control variables on discretionary accruals by SEO event. The evidence of SEO event indicates that Jones model esimates discretionary accruals with bias and the inventory control variables could mitigate the bias. The results suggest that the inventory control variables can improve the specification and power of test of discretionary accrual measures and enhance the reliability of inferences from earnings management research.
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Wu, Chung-Hsiu, and 吳仲修. "Reasons for CFO Turnover and Abnormal accruals." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/87528221251673839122.
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碩士<br>東海大學<br>會計學系<br>96<br>The role of CFO in the corporate has gained the attentions from academia and regulations because of the fraudulent financial reporting in recent years. CFO is one of the top management in corporations and is responsible for the function of financial reporting. Therefore, in addition to the knowledge about firm’s operations, CFO has discretionary power given by accounting standards over financial reporting. This study investigates whether CFOs use their discretionary power to benefit themselves on the events of CFO turnover.
The sample includes all listed firms in Taiwan over 2000 to 2005, and consists of 381 CFO turnover events, and 2,946 non-CFO turnover events. This study compares the change of abnormal accruals between turnover and non-turnover observations around the year of turnover. In addition, this study further classified the reasons for CFO turnover into dismal, promotion, retire, and categories.
The results show that, the change of abnormal accruals has no difference between turnover and non-turnover observations when the reasons for CFO turnover are not further classified. Once the reasons for turnover are controlled, the change of abnormal accruals reduces significantly after CFO promotion. However, the reduction is not observed in other categories.
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"Industry-Specific Discretionary Accruals and Earnings Management." Doctoral diss., 2011. http://hdl.handle.net/2286/R.I.9054.
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abstract: In this dissertation, I examine the source of some of the anomalous capital market outcomes that have been documented for firms with high accruals. Chapter 2 develops and implements a methodology that decomposes a firm's discretionary accruals into a firm-specific and an industry-specific component. I use this decomposition to investigate which component drives the subsequent negative returns associated with firms with high discretionary accruals. My results suggest that these abnormal returns are driven by the firm-specific component of discretionary accruals. Moreover, although industry-specific discretionary accruals do not directly contribute towards this anomaly, I find that it is precisely when industry-specific discretionary accruals are high that firms with high firm-specific discretionary accruals subsequently earn these negative returns. While consistent with irrational mispricing or a rational risk premium associated with high discretionary accruals, these findings also support a transactions-cost based explanation for the accruals anomaly whereby search costs associated with distinguishing between value-relevant and manipulative discretionary accruals can induce investors to overlook potential earnings manipulation. Chapter 3 extends the decomposition to examine the role of firm-specific and industry-specific discretionary accruals in explaining the subsequent market underperformance and negative analysts' forecast errors documented for firms issuing equity. I examine the post-issue market returns and analysts' forecast errors for a sample of seasoned equity issues between 1975 and 2004 and find that offering-year firm-specific discretionary accruals can partially explain these anomalous capital market outcomes. Nonetheless, I find this predictive power of firm-specific accruals to be more pronounced for issues that occur during 1975 - 1989 compared to issues taking place between 1990 and 2004. Additionally, I find no evidence that investors and analysts are more overoptimistic about the prospects of issuers that have both high firm-specific and industry-specific discretionary accruals (compared to firms with high discretionary accruals in general). The results indicate no role for industry-specific discretionary accruals in explaining overoptimistic expectations from seasoned equity issues and suggest the importance of firm-specific factors in inducing earnings manipulation surrounding equity issues.<br>Dissertation/Thesis<br>Ph.D. Business Administration 2011