Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.22/7399
Título: Accounting accruals and information asymmetry in Europe
Autor: Cerqueira, António
Pereira, Cláudia
Palavras-chave: Information quality
Discretionary accruals
High-low spread estimator
Information asymmetry
Data: 2015
Editora: Prague Economic Papars
Citação: Cerqueira, A., Pereira, C. (2015)
Resumo: We investigate whether the positive relation between accounting accruals and information asymmetry documented for U.S. stock markets also holds for European markets, considered as a whole and at the country level. This research is relevant because this relation is likely to be affected by differences in accounting standards used by companies for financial reporting, in the traditional use of the banking system or capital markets for firm financing, in legal systems and cultural environment. We find that in European stock markets discretionary accruals are positively related with the Corwin and Schultz high-low spread estimator used as a proxy for information asymmetry. Our results suggest that the earnings management component of accruals outweighs the informational component, but the significance of the relation varies across countries. Further, such association tends to be stronger for firms with the highest levels of positive discretionary accruals. Consistent with the evidence provided by the authors, our results also suggest that the high-low spread estimator is more efficient than the closing bid-ask spread when analysing the impact of information quality on information asymmetry.
Peer review: yes
URI: http://hdl.handle.net/10400.22/7399
DOI: 10.18267/j.pep.528
ISSN: 1210-0455
Aparece nas colecções:ISCAP - CEOS - Artigos

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