An Examination of the Naïve-Investor Hypothesis in Accruals Mispricing in Tunisian Firms

Khanchel, Imen

doi:10.1111/j.1467-646x.2011.01048.x

Cited by 16 publications

(5 citation statements)

References 37 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Historically, in its institutional environment, fiscal rules have strongly influenced the financial statements. The State issued accounting standards in response to its fiscal and tax needs, what deviates the statements' focus from the provision of useful information to investors and other users [10,11] defends that, in countries where the impact of accounting information is comparatively weaker, like in Brazil, the functional fixing in the final profit reported is less common or less important in stock pricing, which in turn interferes in accrual anomalies.…”

Section: Introductionmentioning

confidence: 99%

Accruals, Persistence of Profits and Stock Returns in Brazilian Public Companies

Takamatsu¹,

Fávero²

2013

View full text Add to dashboard Cite

The central aim in this research was to assess investors’ accounting information interpretation skills. Therefore, it was assessed how different profit components would affect the future profitability of publicly traded Brazilian companies. Through a sample of all Brazilian public companies listed in Bovespa from 1995 to 2010, the research results demonstrated that current accruals were incapable of explaining future abnormal return behavior in the firms analyzed. In addition, no significant abnormal returns were reached in an accruals-based investment strategy, indicating that investors would be capable of interpreting and pricing accounting data.

show abstract

Section: Introductionmentioning

confidence: 99%

Accruals, Persistence of Profits and Stock Returns in Brazilian Public Companies

Takamatsu¹,

Fávero²

2013

View full text Add to dashboard Cite

show abstract

“…Market capitalization and trading volumes are not very large and are dominated by financial and big and state‐owned companies. Meanwhile, investment comes largely from huge retail investors and the participation of institutional as well as foreign investors is rather limited (Khanchel, 2011).…”

Section: Smes In the Mena Region: An Overviewmentioning

confidence: 99%

Entrepreneur characteristics and financing patterns in SMES of MENA countries: Overcoming the burdens of liability of newness

Lassoued,

Khanchel,

Fakhfakh

et al. 2023

J of Intl Development

View full text Add to dashboard Cite

This study examines the impact of entrepreneur attributes on financing channels of small and medium‐sized enterprises (SMEs) as well as the moderating role of firm age on this relationship. It examines a comprehensive dataset of 4139 firm‐year observations operating in the Middle East and North Africa (MENA) region observed over the 2013–2019 period. The results are four‐fold. First, our overall findings reveal that experienced entrepreneurs tend to use internal funds. Second, the university education of entrepreneurs positively correlates with debt financing. Third, female entrepreneurs are more eager to use internal funds and less debt. Fourth, firm age is found to moderate these relationships. Indeed, in young SMEs, experienced entrepreneurs are shown to rely on debt, graduated entrepreneurs on internal funds, and in older SMEs, female entrepreneurs use debt. Our results bear on the proposals of upper echelons and organizational lifecycle theories.

show abstract

“…Non-discretionary accruals are accruals that arise from transactions made in the current period that are normal for the firm given its performance level and business strategy, industry conventions, macro-economic events and other economic factors. Discretionary accruals that arise from transactions made or accounting treatments are chosen in our study as a measure of EM (Khanchel, 2011).…”

Section: Ijoes 401mentioning

confidence: 99%

Is it hard to be different during the COVID-19 crisis? Investigating the relationship between corporate social responsibility and earnings management

Khanchel

Lassoued

2022

IJOES

View full text Add to dashboard Cite

Purpose This paper aims to contribute to the literature on the earnings management (EM)–corporate social responsibility (CSR) relationship as most of the previous studies have been carried out in non-turbulent periods. This study investigates whether CSR affects EM during the pandemic period by testing two hypotheses: the cognitive biases hypothesis and the resilience hypothesis Design/methodology/approach The difference-in-difference and triple difference approaches are used for a sample of 536 US firms (268 socially responsible firms and 268 matched non-socially responsible counterparts) during the 2017–2021 period. Socially responsible firms are selected from the MSCI KLD 400 Social Index, and matched firms are identified through the propensity score matching method. Findings The authors find an income-increasing practice for both socially responsible firms and control firms for the whole period and each sub-period. Moreover, socially responsible firms are more likely to manage their earnings (income increasing) than their counterpart. Furthermore, the authors show that CSR commitment exacerbated EM in line with the cognitive biases hypothesis. Originality/value This study is the first shed light on the dark side of CSR during pandemic periods.

show abstract

An Examination of the Naïve-Investor Hypothesis in Accruals Mispricing in Tunisian Firms

Cited by 16 publications

References 37 publications

Accruals, Persistence of Profits and Stock Returns in Brazilian Public Companies

Accruals, Persistence of Profits and Stock Returns in Brazilian Public Companies

Entrepreneur characteristics and financing patterns in SMES of MENA countries: Overcoming the burdens of liability of newness

Is it hard to be different during the COVID-19 crisis? Investigating the relationship between corporate social responsibility and earnings management

Contact Info

Product

Resources

About