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The Asymmetric Timeliness in the Reporting of Good and Bad News of Firms That Trade in the Athens Stock Exchange

  • Nikolaos Eriotis
  • Dimitrios Vasiliou
  • Vasileios Zisis
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    Evidence on the asymmetric timeliness in the reporting of good and bad news follows the argument that accountants tend to use discretionary accruals to over-recognise bad news in order to be conservative. The Greek reporting framework, before the adoption of International Accounting Standards, did not allow or offer opportunities for discretionary use of accruals for either recording good and/or bad news. Empirical evidence based on data from firms that trade in the Athens Stock Exchange, for the period 1993- 2002, show that differences in the timeliness in the recognition of good news and bad news exist. However, in contrast to studies that use UK data and US data bad news are not recorded conservatively.

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    File URL: http://www.ersj.eu/repec/ers/papers/04_34_p7.pdf
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    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): VII (2004)
    Issue (Month): 3-4 ()
    Pages: 103-

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    Handle: RePEc:ers:journl:v:vii:y:2004:i:3-4:p:103-
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    1. Beaver, William & Lambert, Richard & Morse, Dale, 1980. "The information content of security prices," Journal of Accounting and Economics, Elsevier, vol. 2(1), pages 3-28, March.
    2. Kothari, S. P. & Sloan, Richard G., 1992. "Information in prices about future earnings : Implications for earnings response coefficients," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 143-171, August.
    3. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
    4. Ball, Ray & Kothari, S. P. & Robin, Ashok, 2000. "The effect of international institutional factors on properties of accounting earnings," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages 1-51, February.
    5. Collins, Daniel W. & Kothari, S. P. & Rayburn, Judy Dawson, 1987. "Firm size and the information content of prices with respect to earnings," Journal of Accounting and Economics, Elsevier, vol. 9(2), pages 111-138, July.
    6. Basu, Sudipta, 1997. "The conservatism principle and the asymmetric timeliness of earnings," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 3-37, December.
    7. Beaver, William H. & Lambert, Richard A. & Ryan, Stephen G., 1987. "The information content of security prices : A second look," Journal of Accounting and Economics, Elsevier, vol. 9(2), pages 139-157, July.
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