政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30084

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30084

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/30084

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30084

Title:	盈餘中應計成份與現金流量成份對股價之影響 The impact of accruals and cash flow components of earnings on the stock price
Authors:	賴彥彰 Lai,Yen-Chang
Contributors:	胡聯國 Hu,Lien-Kuo 賴彥彰 Lai,Yen-Chang
Keywords:	盈餘應計基礎現金流量股價 Earnings Cash flow Accruals Stock price
Date:	2005
Issue Date:	2009-09-11 17:11:59 (UTC+8)
Abstract:	This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components. This paper investigates the impact of accruals and cash flow components of earnings on the stock prices and whether the stock prices fully reflect information about future earnings contained in the accrual and cash flow components of current earnings. This is an interesting issue of narrow framing, an application of behavioral finance. We mainly follow Sloan (1996)’s methodology but adjust hypothesis settings to fit the real situation of stock market in Taiwan. We find that high earnings performance that is attributable to cash flow components is more likely to be sustained than high earnings performance that is attributable to accrual components.
Reference:	Abel. A., and F. Mishkin. 1983. “An integrated view of tests of rationality, market efficiency and the short run neutrality if monetary policy.” Journal of Monetary Economics 11 (January): 3-24 Brown, Robert M., David Burgstahler, and Lane A. Daley. 1987. “The incremental information content of accruals versus cash flows.” Accounting Review 61:723-747 Bernald, Victor L., and Jacob K. Thomas. 1990. “Evidence that stock prices do not fully reflect the implications of current earnings for future earnings.” Journal of Accounting and Economics 13: 305-340 Cheng, C. S. Agnes, Chao-Shin Liu, and Thomas F. Schaefer. 1996. “Earnings permanence and the incremental information content of cash flows from operations.” Journal of Accounting Research 34: 173-181 Collins, Daniel, and Paul Hribar. 2000 “Earnings-based and accrual-based market anomalies: One effect or two?” Journal of Accounting and Economics 29: 101-123 Daniel, Kent, David Hirshleifer, and Acanidhar Subrahmanyam. 1998. “Investor psychology and security market under- and overreactions. “ Journal of Finance 53: 1839-1885 Dechow, P. 1994. “Accounting earnings and cash flows as measures of firm performance: The role of accruals.” Journal of Accounting and Economics 18 (July): 3-42 Drtina, R., J. Largay 1985. “Pitfalls in calculating cash flows from operations.” The Accounting Review 60 (April): 314-326 Freeman, R., J. Ohlson, and S. Penman. 1982. “Book rate-of-return and prediction of earnings changes: An empirical investigation.” Journal of Accounting Research 20 (Autumn):3-42 Kieso, D., and J. Weygandt. 1995. Intermediate Accounting. 8th ed. New York, NY: John Wiley & Sons. Mishkin, F., 1983. “A rational expectations approach to macroeconometrics: Testing Policy Effectiveness and Efficient Markets Models.” Chicago IL: University of Chicago Press for the National Bureau of Economic Research Stickney, C. 1993. Financial Statement Analysis: A Strategic Perspective. 2nd ed. Fort Worth, TX: The Dryden Press
Description:	碩士國立政治大學國際經營與貿易研究所 92351030 94
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0923510301
Data Type:	thesis
Appears in Collections:	[Department of International Business] Theses

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