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Can Mispricing Of Asset Growth Explain The Accruals Anomaly?

Author

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  • John Shon
  • Ping Zhou

Abstract

Recent research suggests that the mispricing of asset growth can explain the accruals anomaly. We reexamine this issue by focusing on the role of accounting manipulations in stock mispricing. Specifically, we hypothesize that accounting manipulations are at the root of the accruals anomaly but play an insignificant role in the asset growth anomaly. Our large sample results strongly support our hypothesis, suggesting that investors can benefit from exploiting both anomalies instead of one.

Suggested Citation

  • John Shon & Ping Zhou, 2010. "Can Mispricing Of Asset Growth Explain The Accruals Anomaly?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 4(1), pages 73-83.
    • Handle: RePEc:ibf:ijbfre:v:4:y:2010:i:1:p:73-83
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    Cited by:

    1. Carlos Omar Trejo-Pech & Magdy Noguera & Angel Samaniego-Alcantar & Richard N. Weldon, 2012. "The Relationship Between Accruals, Earnings, And Cash Flows: Evidence From Latin America," Accounting & Taxation, The Institute for Business and Finance Research, vol. 4(1), pages 95-107.

    More about this item

    Keywords

    Accruals anomaly; growth anomaly; value-glamour; growth in long-term net operating assets;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting

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