Publication: Accruals and future performance: can it be attributed to risk?
Accruals and future performance: can it be attributed to risk?
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Momente’, F., Reggiani, F., & Richardson, S. (2015). Accruals and future performance: can it be attributed to risk? Review of Accounting Studies, 20, 1297–1333. https://doi.org/10.1007/s11142-015-9319-x
Abstract
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Abstract
We decompose broad-based measures of accruals into firm-specific and related-firm components. We find that the negative relation between accruals and future firm performance is almost entirely attributable to the firm-specific component. Standard risk-based explanations are hard to reconcile with this fact. To the extent expected returns have a common component spanning related firms, a risk-based explanation would suggest a stronger negative relation between accruals and future firm performance when related firms are also growing. In
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- Momente', Francesco
- Reggiani, Francesco
- Richardson, Scott
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Citations
Momente’, F., Reggiani, F., & Richardson, S. (2015). Accruals and future performance: can it be attributed to risk? Review of Accounting Studies, 20, 1297–1333. https://doi.org/10.1007/s11142-015-9319-x
