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Article: Earnings Quality and Stock Returns

TitleEarnings Quality and Stock Returns
Authors
Chan, KChan, LKCJegadeesh, NLakonishok, J
KeywordsBusiness and economics
Issue Date2006
PublisherUniversity of Chicago Press. The Journal's web site is located at http://www.journals.uchicago.edu/JB
Citation
The Journal of Business (Chicago), 2006, v. 79 n. 3, p. 1041-1082 How to Cite?
DOI: http://dx.doi.org/10.1086/500669
AbstractAn exclusive focus on bottom-line income misses important information contained in accruals (the difference between accounting earnings and cash flow) about the quality of earnings. Earnings increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with poor future returns. We explore various hypothesesearnings manipulation, extrapolative biases about future growth, and underreaction to changes in business conditionsto explain accruals' predictive power. Checks for robustness using within-industry comparisons and data on U.K. stocks are also provided.
Persistent Identifierhttp://hdl.handle.net/10722/45459
ISSN
0021-9398
ISI Accession Number ID
WOS:000236795300002

 

DC FieldValueLanguage
dc.contributor.authorChan, Ken_HK
dc.contributor.authorChan, LKCen_HK
dc.contributor.authorJegadeesh, Nen_HK
dc.contributor.authorLakonishok, Jen_HK
dc.date.accessioned2007-10-30T06:26:17Z-
dc.date.available2007-10-30T06:26:17Z-
dc.date.issued2006en_HK
dc.identifier.citationThe Journal of Business (Chicago), 2006, v. 79 n. 3, p. 1041-1082en_HK
dc.identifier.issn0021-9398en_HK
dc.identifier.urihttp://hdl.handle.net/10722/45459-
dc.description.abstractAn exclusive focus on bottom-line income misses important information contained in accruals (the difference between accounting earnings and cash flow) about the quality of earnings. Earnings increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with poor future returns. We explore various hypothesesearnings manipulation, extrapolative biases about future growth, and underreaction to changes in business conditionsto explain accruals' predictive power. Checks for robustness using within-industry comparisons and data on U.K. stocks are also provided.en_HK
dc.format.extent193150 bytes-
dc.format.extent1743 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypetext/plain-
dc.languageengen_HK
dc.publisherUniversity of Chicago Press. The Journal's web site is located at http://www.journals.uchicago.edu/JBen_HK
dc.rightsThe Journal of Business (Chicago). Copyright © University of Chicago Press.en_HK
dc.subjectBusiness and economicsen_HK
dc.titleEarnings Quality and Stock Returnsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0021-9398&volume=79&issue=3&spage=1041&epage=1082&date=2006&atitle=Earnings+Quality+and+Stock+Returnsen_HK
dc.description.naturepublished_or_final_versionen_HK
dc.identifier.doi10.1086/500669en_HK
dc.identifier.scopuseid_2-s2.0-33644913777-
dc.identifier.hkuros111285-
dc.identifier.isiWOS:000236795300002-
dc.identifier.issnl0021-9398-

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