東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Changes in the Profitability-Growth ...

Li, Meng.

Linked to FindBook

Google Book

Amazon

博客來

Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly./
Author:	Li, Meng.
Description:	115 p.
Notes:	Source: Dissertation Abstracts International, Volume: 75-02(E), Section: A.
Contained By:	Dissertation Abstracts International75-02A(E).
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3600419
ISBN:	9781303505164

Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly.
Li, Meng.

Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly. - 115 p.

Source: Dissertation Abstracts International, Volume: 75-02(E), Section: A.

Thesis (Ph.D.)--Columbia University, 2013.

Valuation research establishes growth in net operating assets (DeltaNOA) as a primary predictor of future profitability. The negative relation between DeltaNOA and future profitability, after controlling for current profitability, is researched extensively in the context of earnings quality, capital investment, accounting conservatism, earnings management, and the accrual anomaly. However, this study shows that while DeltaNOA is negatively related to future profitability from 1967 to 1995, it is positively related to future profitability from 1996 to 2010. The negative effects of DeltaNOA on future profitability (e.g., diminishing returns on investment, accruals overstatement, and excess capitalization) continue to exist, although they are now dominated by the positive implications of DeltaNOA for future profitability. The positive relation between DeltaNOA and future profitability grows stronger over time for reasons including increasing intangible intensity, increased volatility of economic activities, increased accounting conservatism, accounting principles shifting toward a balance sheet/fair value approach, changing characteristics of public firms, and the increasing importance of real options.

ISBN: 9781303505164Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly.
LDR:03324nam a2200277 4500 001 1960294
005 20140609073134.5
008 150210s2013 ||||||||||||||||| ||eng d
020 $a 9781303505164
035 $a (MiAaPQ)AAI3600419
035 $a AAI3600419
040 $a MiAaPQ $c MiAaPQ
100 1 $a Li, Meng. $3 1287012
245 1 0 $a Changes in the Profitability-Growth Relation and the Implications for the Accrual Anomaly.
300 $a 115 p.
500 $a Source: Dissertation Abstracts International, Volume: 75-02(E), Section: A.
500 $a Adviser: Doron Nissim.
502 $a Thesis (Ph.D.)--Columbia University, 2013.
520 $a Valuation research establishes growth in net operating assets (DeltaNOA) as a primary predictor of future profitability. The negative relation between DeltaNOA and future profitability, after controlling for current profitability, is researched extensively in the context of earnings quality, capital investment, accounting conservatism, earnings management, and the accrual anomaly. However, this study shows that while DeltaNOA is negatively related to future profitability from 1967 to 1995, it is positively related to future profitability from 1996 to 2010. The negative effects of DeltaNOA on future profitability (e.g., diminishing returns on investment, accruals overstatement, and excess capitalization) continue to exist, although they are now dominated by the positive implications of DeltaNOA for future profitability. The positive relation between DeltaNOA and future profitability grows stronger over time for reasons including increasing intangible intensity, increased volatility of economic activities, increased accounting conservatism, accounting principles shifting toward a balance sheet/fair value approach, changing characteristics of public firms, and the increasing importance of real options.
520 $a The change in the future profitability-DeltaNOA relation has important implications, particularly for the accrual anomaly. The prevailing explanation for the anomaly is that an increase (decrease) in NOA predicts a decrease (increase) in profitability and investors fail to fully appreciate this negative relation. However, if this hypothesis is true, the anomaly should no longer exist. I examine the anomaly over an extended time period, including more recent years, and provide evidence that the anomaly is still present. To explain the persistence of the anomaly over time, I conjecture and show that the market reaction to DeltaNOA and the future profitability implications of DeltaNOA diverge throughout the sample period. Specifically, investors are always over optimistic about the future profitability implications of the growth, i.e., in the first half of the sample (1967--1988), investors do not fully react to the negative effects of growth on profitability, and in the second half (1989--2010), they appear to over-emphasize the positive implications of DeltaNOA for future profitability. The anomaly weakens during periods when investors' reaction to DeltaNOA aligns with the profitability implications of DeltaNOA.
590 $a School code: 0054.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 $a Columbia University. $b Business. $3 1681698
773 0 $t Dissertation Abstracts International $g 75-02A(E).
790 $a 0054
791 $a Ph.D.
792 $a 2013
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3600419