期刊
JOURNAL OF ACCOUNTING & ECONOMICS
卷 39, 期 2, 页码 295-327出版社
ELSEVIER
DOI: 10.1016/j.jacceco.2004.06.003
关键词
capital markets; accruals quality; information risk
We investigate whether investors price accruals quality, our proxy for the information risk associated with earnings. Measuring accruals quality (AQ) as the standard deviation of residuals from regressions relating current accruals to cash flows, we find that poorer AQ is associated with larger costs of debt and equity. This result is consistent across several alternative specifications of the AQ metric. We also distinguish between accruals quality driven by economic fundamentals (innate AQ) versus management choices (discretionary AQ). Both components have significant cost of capital effects, but innate A Q effects are significantly larger than discretionary AQ effects. (c) 2005 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据