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Accrual Anomaly and Idiosyncratic Risk : International Evidence

Fan, Steven - 2013

In this study, we show that accrual abnormal returns are positively correlated to idiosyncratic risk in international … equity markets. In addition, we find that idiosyncratic risk has less impact on accrual abnormal returns for developed … regression analysis, across countries. Our results support the mispricing explanation of accrual anomaly around the world …

Persistent link: https://www.econbiz.de/10013084414

Percent Accruals

Hafzalla, Nader - 2010

extreme accrual. We measure “percent accruals” as accruals scaled by earnings, rather than total assets, and show that this … improving the long position in low accrual stocks. The hedge returns are also significant in all but the lowest quintile of … with some alternative explanations for the accrual anomaly. We also find that percent accruals are not dependent on the …

Persistent link: https://www.econbiz.de/10013147473

Earthly Reward to the Religious : Religiosity and the Cost of Public and Private Debt

Jiang, Feng - 2017

We document that a firm's culture — specifically, its religiosity — affects its cost of debt. Firms in higher-religiosity counties have higher credit ratings and lower debt costs. The impact of religiosity is stronger for firms with greater information asymmetry and during recessions....

Persistent link: https://www.econbiz.de/10012973962

Management Forecasts and the Cost of Equity Capital : International Evidence

Cao, Ying - 2017

In this paper, we examine international differences in the effect of management forecasts (which we use to proxy for voluntary disclosure) on the cost of equity capital (COC) across 31 countries. We find that the issuance of management forecasts is associated with a lower COC worldwide, but the...

Persistent link: https://www.econbiz.de/10012973540

Global Accounting Standards, Financial Statement Comparability, and the Cost of Capital

Huang, Yong - 2020

This paper studies how financial statement comparability affects the cost of capital and investor welfare. We show that the cost of capital decreases with comparability if and only if the quality of accounting standards is sufficiently high, thus supporting the relative importance of...

Persistent link: https://www.econbiz.de/10012846301

Global Evidence on Incentives for Voluntary Accounting Disclosures and the Effect on Cost of Capital

Francis, Jere R.; Khurana, Inder K.; Pereira, Raynolde - 2004

This study provides international evidence that external financing dependence creates incentives for firms to undertake a higher level of voluntary accounting disclosure. For a sample of 856 observations from 34 countries and 18 different manufacturing industry sectors, we document that firms in...

Persistent link: https://www.econbiz.de/10014075023

Does Disclosure Regulation Work? Evidence from International IPO Markets

Shi, Charles - 2012

This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show...

Persistent link: https://www.econbiz.de/10013112428

Stock Market Anomalies and Machine Learning Across the Globe

Gonçalves de Azevedo, Vitor; Kaiser, Sebastian; … - 2022

We examine the out-of-sample performance of 240 stock market anomalies enhanced by 49 machine learning algorithms and over 260 individually trained models across an international data sample of nearly 1.9 billion stock-month-anomaly observations from 1980 to 2019. We demonstrate significant...

Persistent link: https://www.econbiz.de/10013292645

Asset Liquidity and Stock Liquidity : International Evidence

Charoenwong, Charlie - 2013

This study examines the relation between asset liquidity and stock liquidity across 47 countries. In support of the valuation uncertainty hypothesis, we find that firms with greater asset liquidity on average have higher stock liquidity. More importantly, our study shows that asset liquidity...

Persistent link: https://www.econbiz.de/10013071686

The joint effect of investor protection, IFRS and earnings quality on cost of capital : an international study

Persakis, Anthony; Iatridis, George - In: Journal of international financial markets, … 46 (2017), pp. 1-29

Persistent link: https://www.econbiz.de/10011745286