English, Article edition: Does Investors' Sophistication Affect Persistence and Pricing of Discretionary Accruals? Lanfeng Kao

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Does Investors' Sophistication Affect Persistence and Pricing of Discretionary Accruals?
Author
  • Lanfeng Kao
Physical Description
  • article
Notes
  • This paper examines whether the sophistication of market investors influences management's strategy on discretionary accounting choice, and thus changes the persistence of discretionary accruals. The results show that the persistence of discretionary accruals for firms face with naive investors is lower than that for firms face with sophisticated investors. The results also demonstrate that sophisticated investors indeed incorporate the implications of current earnings components into future earnings in a more sufficient manner than naïve investors do.
  • Managerial discretion, discretionary accruals, investors' sophistication
  • RePEc:wsi:rpbfmp:v:10:y:2007:i:01:p:33-50
Language
  • English
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