Understanding the Accrual Anomaly
收藏NBER2007-10-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w13525
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资源简介：
Interpreting accruals as working capital investment, we hypothesize that firms rationally adjust their investment to respond to discount rate changes. Consistent with the optimal investment hypothesis, we document that (i) the predictive power of accruals for future stock returns increases with the
提供机构：
美国国家经济研究局
创建时间：
2007-10-01
