A B S T R A C T
This paper examines the relationship between accrual components and stock
trading costs in China and finds that both abnormal and normal accruals
are associated with these costs. Moreover, negative accruals, both abnormal
and normal, have a greater influence on stock trading costs than positive
accruals because of short-selling constraints in the Chinese stock market. Further
analysis reveals that investors who are fixated on accruals are unable to
separate positive or negative abnormal accruals from earnings in general.
Additionally, investors overestimate the persistence of both positive and negative
normal accruals. These findings constitute further evidence of the low
degree of market efficiency in China. Chinese investors seem to overestimate
firm value when abnormal and normal accruals are positive and underestimate
it when they are negative, thus leading to an asymmetric effect on trading costs
between positive and negative accruals in the face of short-selling constraints in
the Chinese stock market.
2013 Production and hosting by Elsevier B.V. on behalf of China Journal of
Accounting Research. Founded by Sun Yat-sen University and City University
of Hong Kong.
[aio_button align=”none” animation=”none” color=”red” size=”small” icon=”none” text=”انجام مقاله علمی پژوهشی و ISI در این زمینه” target=”_blank” relationship=”dofollow” url=”http://payannameha.ir/?p=796″]
[aio_button align=”none” animation=”none” color=”orange” size=”small” icon=”none” text=”دریافت سایر مقالات در این زمینه” target=”_blank” relationship=”dofollow” url=”http://payannameha.ir/?page_id=297″]
[aio_button align=”none” animation=”none” color=”blue” size=”small” icon=”none” text=”انجام پایان نامه در این حوزه” relationship=”dofollow” url=”http://payannameha.ir/?page_id=3206″]
[aio_button align=”none” animation=”none” color=”pink” size=”small” icon=”none” text=”انجام پروپوزال در این حوزه” target=”_blank” relationship=”dofollow” url=”http://payannameha.ir/?page_id=3206″]
[aio_button align=”none” animation=”none” color=”green” size=”small” icon=”none” text=”ترجمه تخصصی این مقاله” target=”_blank” relationship=”dofollow” url=”http://payannameha.ir/?p=154″]
جهت خرید فایل به انتهای صفحه مراجعه نمایید
کد محصول : شماره 274
[aio_button align=”none” animation=”none” color=”green” size=”small” icon=”none” text=”پرداخت کارت به کارت” target=”_blank” relationship=”dofollow” url=”http://jozvekade.ir/?page_id=1139″]