메뉴 건너뛰기




Volumn 43, Issue 2-3, 2007, Pages 341-368

Delisting returns and their effect on accounting-based market anomalies

Author keywords

Accounting; Accruals; Anomalies; Delisting returns

Indexed keywords


EID: 34249044887     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2006.12.002     Document Type: Article
Times cited : (151)

References (29)
  • 1
    • 84977733335 scopus 로고
    • Tests of analysts' overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior
    • Abarbanell J., and Bernard V. Tests of analysts' overreaction/underreaction to earnings information as an explanation for anomalous stock price behavior. Journal of Finance 47 3 (1992) 1181-1207
    • (1992) Journal of Finance , vol.47 , Issue.3 , pp. 1181-1207
    • Abarbanell, J.1    Bernard, V.2
  • 2
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • Altman E. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23 4 (1968) 589-609
    • (1968) Journal of Finance , vol.23 , Issue.4 , pp. 589-609
    • Altman, E.1
  • 3
    • 0002742759 scopus 로고
    • An empirical evaluation of accounting income numbers
    • Ball R., and Brown P. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6 2 (1968) 159-178
    • (1968) Journal of Accounting Research , vol.6 , Issue.2 , pp. 159-178
    • Ball, R.1    Brown, P.2
  • 4
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: the empirical power and specification of test statistics
    • Barber B., and Lyon J. Detecting long-run abnormal stock returns: the empirical power and specification of test statistics. Journal of Financial Economics 43 3 (1997) 341-372
    • (1997) Journal of Financial Economics , vol.43 , Issue.3 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 5
    • 0001658321 scopus 로고    scopus 로고
    • Do stock prices of property casualty insurers fully reflect information about earnings, accruals, cash flows, and development?
    • Beaver W., and McNichols M. Do stock prices of property casualty insurers fully reflect information about earnings, accruals, cash flows, and development?. Review of Accounting Studies 6 2-3 (2001) 197-220
    • (2001) Review of Accounting Studies , vol.6 , Issue.2-3 , pp. 197-220
    • Beaver, W.1    McNichols, M.2
  • 6
    • 0001819765 scopus 로고
    • Post-earnings-announcement drift: delayed price response or risk premium
    • Bernard V., and Thomas J. Post-earnings-announcement drift: delayed price response or risk premium. Journal of Accounting Research 27 3 (1989) 1-36
    • (1989) Journal of Accounting Research , vol.27 , Issue.3 , pp. 1-36
    • Bernard, V.1    Thomas, J.2
  • 7
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future returns
    • Bernard V., and Thomas J. Evidence that stock prices do not fully reflect the implications of current earnings for future returns. Journal of Accounting and Economics 13 4 (1990) 305-340
    • (1990) Journal of Accounting and Economics , vol.13 , Issue.4 , pp. 305-340
    • Bernard, V.1    Thomas, J.2
  • 8
    • 0000321422 scopus 로고    scopus 로고
    • Earnings-based and accrual-based market anomalies: one effect or two?
    • Collins D., and Hribar P. Earnings-based and accrual-based market anomalies: one effect or two?. Journal of Accounting and Economics 29 1 (2000) 101-123
    • (2000) Journal of Accounting and Economics , vol.29 , Issue.1 , pp. 101-123
    • Collins, D.1    Hribar, P.2
  • 9
    • 2442657701 scopus 로고    scopus 로고
    • Value-glamour and accruals mispricing: one anomaly or two?
    • Desai H., Rajgopal S., and Venkatachalam M. Value-glamour and accruals mispricing: one anomaly or two?. The Accounting Review 79 2 (2004) 335-385
    • (2004) The Accounting Review , vol.79 , Issue.2 , pp. 335-385
    • Desai, H.1    Rajgopal, S.2    Venkatachalam, M.3
  • 10
    • 34249006135 scopus 로고    scopus 로고
    • Dopuch, N., Seethamraju, C., Xu, W., 2005. The accrual anomaly within the context of profit and loss firms, Working Paper, Washington University in St. Louis, St. Louis, MO.
  • 11
    • 0036004049 scopus 로고    scopus 로고
    • Errors in estimating accruals: implications for empirical research
    • Hribar P., and Collins D. Errors in estimating accruals: implications for empirical research. Journal of Accounting Research 40 1 (2002) 105-135
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 , pp. 105-135
    • Hribar, P.1    Collins, D.2
  • 12
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: implications for stock market efficiency
    • Jegadeesh N., and Titman S. Returns to buying winners and selling losers: implications for stock market efficiency. Journal of Finance 48 1 (1993) 65-91
    • (1993) Journal of Finance , vol.48 , Issue.1 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 13
    • 34249041891 scopus 로고    scopus 로고
    • Khan, M., 2005. Are accruals really mispriced? evidence from tests of an intertemporal capital asset pricing model, Working Paper, University of Toronto, Toronto, Ont., Canada.
  • 14
    • 13844255442 scopus 로고    scopus 로고
    • Implications of survival and data trimming for tests of market efficiency
    • Kothari S., Sabino J., and Zach T. Implications of survival and data trimming for tests of market efficiency. Journal of Accounting and Economics 39 1 (2005) 129-161
    • (2005) Journal of Accounting and Economics , vol.39 , Issue.1 , pp. 129-161
    • Kothari, S.1    Sabino, J.2    Zach, T.3
  • 15
    • 33745299285 scopus 로고    scopus 로고
    • An analysis of the theories and explanations offered for the mispricing of accruals and accrual components
    • Kraft A., Leone A., and Wasley C. An analysis of the theories and explanations offered for the mispricing of accruals and accrual components. Journal of Accounting Research 44 2 (2006) 297-339
    • (2006) Journal of Accounting Research , vol.44 , Issue.2 , pp. 297-339
    • Kraft, A.1    Leone, A.2    Wasley, C.3
  • 16
    • 84993869066 scopus 로고
    • Contrarian investment, extrapolation, and risk
    • Lakonishok J., Shleifer A., and Vishny R. Contrarian investment, extrapolation, and risk. Journal of Finance 49 5 (1994) 1541-1578
    • (1994) Journal of Finance , vol.49 , Issue.5 , pp. 1541-1578
    • Lakonishok, J.1    Shleifer, A.2    Vishny, R.3
  • 17
    • 34249061351 scopus 로고    scopus 로고
    • Leuz, C., Triantis, A., Wang, T., 2006. Why do firms go dark? Causes and economic consequences of voluntary SEC deregistrations. AFA 2006 Boston Meeting.
  • 18
    • 33746863357 scopus 로고    scopus 로고
    • Why is the accrual anomaly not arbitraged away? the role of idiosyncratic risk and transaction costs
    • Mashruwala C., Rajgopal S., and Shevlin T. Why is the accrual anomaly not arbitraged away? the role of idiosyncratic risk and transaction costs. Journal of Accounting and Economics 42 1-2 (2006)
    • (2006) Journal of Accounting and Economics , vol.42 , Issue.1-2
    • Mashruwala, C.1    Rajgopal, S.2    Shevlin, T.3
  • 19
    • 0003435048 scopus 로고
    • The University of Chicago Press for the National Bureau of Economic Research, Chicago, IL
    • Mishkin F. A rational expectations approach to macroeconomics (1983), The University of Chicago Press for the National Bureau of Economic Research, Chicago, IL
    • (1983) A rational expectations approach to macroeconomics
    • Mishkin, F.1
  • 20
    • 34249027199 scopus 로고    scopus 로고
    • Mohanram, P., 2004. Separating winners from losers among low book-to-market stocks using financial statement analysis, Working Paper, Columbia University, New York, NY.
  • 21
    • 20144374716 scopus 로고    scopus 로고
    • Value investing: the use of historical financial statement information to separate winners from losers
    • Piotroski J. Value investing: the use of historical financial statement information to separate winners from losers. Journal of Accounting Research 38 3 (2000) 1-41
    • (2000) Journal of Accounting Research , vol.38 , Issue.3 , pp. 1-41
    • Piotroski, J.1
  • 22
    • 0010960285 scopus 로고    scopus 로고
    • The delisting bias in CRSP data
    • Shumway T. The delisting bias in CRSP data. Journal of Finance 52 1 (1997) 327-340
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 327-340
    • Shumway, T.1
  • 23
    • 0038850169 scopus 로고    scopus 로고
    • The delisting bias in CRSP's Nasdaq data and its implications for the size effect
    • Shumway T., and Warther V. The delisting bias in CRSP's Nasdaq data and its implications for the size effect. Journal of Finance 54 6 (1999) 2361-2389
    • (1999) Journal of Finance , vol.54 , Issue.6 , pp. 2361-2389
    • Shumway, T.1    Warther, V.2
  • 24
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan R. Do stock prices fully reflect information in accruals and cash flows about future earnings?. The Accounting Review 71 3 (1996) 289-315
    • (1996) The Accounting Review , vol.71 , Issue.3 , pp. 289-315
    • Sloan, R.1
  • 25
    • 34249020334 scopus 로고    scopus 로고
    • Sun, Y., 2003. Analysis of accrual mispricing, Working Paper, Washington University in St. Louis, St. Louis, MO.
  • 26
    • 0011273327 scopus 로고    scopus 로고
    • Inventory changes and future returns
    • Thomas J., and Zhang H. Inventory changes and future returns. Review of Accounting Studies 7 2-3 (2002) 163-187
    • (2002) Review of Accounting Studies , vol.7 , Issue.2-3 , pp. 163-187
    • Thomas, J.1    Zhang, H.2
  • 27
    • 0035639864 scopus 로고    scopus 로고
    • The mispricing of abnormal accruals
    • Xie H. The mispricing of abnormal accruals. The Accounting Review 76 3 (2001) 357-373
    • (2001) The Accounting Review , vol.76 , Issue.3 , pp. 357-373
    • Xie, H.1
  • 28
    • 34249088222 scopus 로고    scopus 로고
    • Zach, T., 2003. Inside the 'accrual anomaly', Working Paper, Washington University in St. Louis, St. Louis, MO.
  • 29
    • 34249040429 scopus 로고    scopus 로고
    • Zhang, X.F., 2005. What causes the accrual anomaly-growth or earnings persistence? Working Paper, The University of Chicago, Chicago, IL.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.