We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Asymmetric Returns and the Economic Content of Accruals and Investment.
- Authors
Del Viva, Luca; Kothari, S. P.; Lambertides, Neophytos; Trigeorgis, Lenos
- Abstract
This study contributes to our understanding of what accruals capture and how they relate to the distribution of future returns. It examines the past and future growth components of accruals and shows that, whereas past growth is negatively associated with idiosyncratic skewness, future growth is positively associated with it. In addition, although both past and future growth are negatively associated with future returns, the association is more pronounced for past growth when volatility is lower, but for future growth when volatility is higher. The study also shows that the association between the future growth component and future returns reverses in the long run, whereas the association between past growth and future returns does not. This paper was accepted by Shivaram Rajgopal, accounting.
- Subjects
ACCOUNTING methods; ACCRUAL basis accounting; ACCOUNTING; COMPREHENSION
- Publication
Management Science, 2021, Vol 67, Issue 6, p3921
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.2020.3676