کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7340418 | 1476147 | 2014 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The role of reconciliation quality in limiting mispricing of non-GAAP earnings announcements by EURO STOXX firms
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
This empirical study investigates the relationship between the market mispricing of pro forma earnings announcements and the degree to which pro forma earnings are quantitatively reconciled with GAAP (Generally Accepted Accounting Principles) earnings. For a sample of EURO STOXX Fixed Index companies we find evidence of positive abnormal returns related to pro forma earnings disclosures, and, upon further analyses, conclude that this evidence is generally more consistent with the notion of market mispricing than omitted risk factors. Moreover, when reconciliation quality is controlled, market mispricing is found to be prevalent and pronounced only for low quality reconciliations. This finding suggests that reconciliation is important in reducing market mispricing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Advances in Accounting - Volume 30, Issue 1, June 2014, Pages 154-167
Journal: Advances in Accounting - Volume 30, Issue 1, June 2014, Pages 154-167
نویسندگان
François Aubert, Gary Grudnitski,