عنوان انگلیسی مقاله:

Does the earnings quality matter? Evidence from a quasi-experimental setting

ترجمه عنوان مقاله: آیا کیفیت سود مهم است؟ شواهدی از یک محیط نیمه تجربی

رشته: مالی و حسابداری

سال انتشار: 2016

تعداد صفحات مقاله انگلیسی: 12 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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چکیده

Investor preference for local stocks provides a quasi-experimental setting to investigate whether the market rewards firms that comply with generally accepted accounting princi- ples. We show firms with low earnings quality trade at a premium compared to firms in compliance with accounting principles; the difference in values is greater when the role of local investor over-trading is stronger in stock price-formation, in other words for the more isolated firms.

The value of the information not conveyed to the market through accounting disclosure accounts for 30% of the market-to-book. Results are robust to earn- ings quality definition, and show while non-local investors are sensitive to the quality of accounting information, local and better-informed investors are not. Overall, accounting quality matters.

Keywords: Earnings quality, Accounting information, Local Home Bias

 

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