会计与财务[2016年第1期] 信息披露、机构投资者和操纵性应计研究

发布时间:2018-12-01

作者:Jerry Chen

关键字:DisclosureInstitutionalInvestorsDiscretionaryAccruals

摘要/Abstract

This paper examines the impact of public disclosure level on market pricing of discretionary accruals of firms with high or low institutional ownership. Using Mishkin test (1983) and hedge portfolio test, this paper documents that for firms with low institutional ownership, the mispricing of discretionary accruals is less severe for firms with higher level of disclosure; for firms with high institutional ownership, there is no significant difference of market pricing of discretionary accruals between high and low disclosure level. The results are robust to alternative accrual measure under indirect balance sheet approach and alternative disclosure measure on a composite basis which includes the annual reports, the regulatory-driven 10-K and proxy statements.  

  

全文阅读:https://www.sinoss.net/qikan/2016/0906/14304.html