How is accruals quality priced by the stock market
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How is Accruals Quality Priced by the Stock Market?
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The Pricing of Accruals Quality: January versus the Rest of the Year on JSTOR
You have javascript disabled. Subscribe to JPASS Monthly Plan. Abstract As an alternative way to shed light on the debate over whether accruals quality is a priced risk factor, we examine the effect of seasonality on the pricing of the modified Dechow and Dichev accruals quality measure AQ.
We find that 1 high AQ stocks outperform low AQ stocks only in January; 2 during the rest of the calendar year, high AQ firms underperform low AQ firms such that there is no AQ premium on an annual basis; 3 about half of the January AQ premium occurs during the first five trading days of January; 4 a January AQ premium is observed in almost every year of our sample period; and 5 the January AQ premium reflects, at least partly, the stock price effects of tax loss selling around the turn of the year.
A review of the IFRS adoption literature | SpringerLink
Taken together, these findings are difficult to reconcile with a risk interpretation of accruals quality. JSTOR Home About Search Browse Terms and Conditions Privacy Policy Cookies Accessibility Help Contact Us. Loading Processing your request How does it work?