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Information Asymmetry and the Accrual Anomaly

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dc.contributor.authorPark, Sang Hyunko
dc.contributor.authorHan, Ingooko
dc.contributor.authorLee, Jaywonko
dc.contributor.authorKim, Boyoungko
dc.date.accessioned2018-10-19T00:31:04Z-
dc.date.available2018-10-19T00:31:04Z-
dc.date.created2018-09-10-
dc.date.created2018-09-10-
dc.date.issued2018-09-
dc.identifier.citationASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, v.47, no.4, pp.571 - 597-
dc.identifier.issn2041-9945-
dc.identifier.urihttp://hdl.handle.net/10203/245909-
dc.description.abstractThis study investigates the association between information asymmetry and the accrual anomaly. Prior literature argues that earnings management is pronounced among firms with high information asymmetry and that earnings management is the main phenomenon behind the accrual anomaly. Using 43205 firm-year observations from the CRSP/Compustat Merged (CCM) universe spanning 1975-2012, we provide empirical evidence that the accrual anomaly is generally concentrated in firms with higher information asymmetry. Additional analysis reveals that, investors' greater overestimation mainly takes a place in firms with negative accruals, rather than positive accruals, due to investors' risk-aversion tendencies.-
dc.languageEnglish-
dc.publisherWILEY-BLACKWELL-
dc.subjectEARNINGS ANNOUNCEMENTS-
dc.subjectSTOCK-PRICES-
dc.subjectMARKET ANOMALIES-
dc.subjectFUTURE EARNINGS-
dc.subjectFULLY REFLECT-
dc.subjectRETURNS-
dc.subjectRISK-
dc.subjectPERSISTENCE-
dc.subjectTESTS-
dc.subjectLIQUIDITY-
dc.titleInformation Asymmetry and the Accrual Anomaly-
dc.typeArticle-
dc.identifier.wosid000443677900005-
dc.identifier.scopusid2-s2.0-85052723350-
dc.type.rimsART-
dc.citation.volume47-
dc.citation.issue4-
dc.citation.beginningpage571-
dc.citation.endingpage597-
dc.citation.publicationnameASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES-
dc.identifier.doi10.1111/ajfs.12225-
dc.contributor.localauthorHan, Ingoo-
dc.contributor.nonIdAuthorPark, Sang Hyun-
dc.contributor.nonIdAuthorLee, Jaywon-
dc.contributor.nonIdAuthorKim, Boyoung-
dc.description.isOpenAccessN-
dc.type.journalArticleArticle-
dc.subject.keywordAuthorAccrual anomaly-
dc.subject.keywordAuthorAbnormal returns-
dc.subject.keywordAuthorInformation asymmetry-
dc.subject.keywordAuthorMishkin test-
dc.subject.keywordAuthorPersistence of accruals-
dc.subject.keywordPlusEARNINGS ANNOUNCEMENTS-
dc.subject.keywordPlusSTOCK-PRICES-
dc.subject.keywordPlusMARKET ANOMALIES-
dc.subject.keywordPlusFUTURE EARNINGS-
dc.subject.keywordPlusFULLY REFLECT-
dc.subject.keywordPlusRETURNS-
dc.subject.keywordPlusRISK-
dc.subject.keywordPlusPERSISTENCE-
dc.subject.keywordPlusTESTS-
dc.subject.keywordPlusLIQUIDITY-
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MT-Journal Papers(저널논문)
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