تحليل اثر اخبار مرتبط با اعلان سود و محافظه كاري حسابداري بر اصلاح نابهنجاري اقلام تعهدي، مورد مطالعه: شركت¬هاي منتخب بورس اوراق بهادار

One of the capital market anomalies is the negative relation between accruals and future stock returns, which in accounting literature is introduced as accruals anomaly. As long as the reducing factors of anomalies are considered by investors and analysts the quality of their analyses and decisions will be improved and be more rational. The causes of accruals anomaly include stock mispricing by the investors and the lower persistence of accrual component of earnings to its cash component. It is predicted that earnings related news influences the stock mispricing, and on the other hand, higher degrees of conservatism result in higher persistence of accrual component of earnings which observing the both issues, consequently, leads to accruals anomaly mitigation. Therefore, the aim of this research is to investigate the effects of the earnings related news as well as higher degrees of conservatism on the correction process of accruals anomalies. In this study, four hypotheses have been developed and examined. Accordingly, using systematic removal method, 105 companies accepted in Tehran Stock Exchange during a period from 2007 to 2017 were selected as the statistical sample. To eva‎luate the first and second hypotheses, which concern the earnings related news effects on the reduction of accruals anomalies, earnings announcement windows were considered. The related models were analyzed outside and inside of the earnings announcement windows, respectively, and the obtained results were compared together. To assess the third and fourth hypotheses regarding the role of degrees of accounting conservatism on the reduction of accruals anomaly, the related models were examined for low and high degrees of conservatism, respectively, and comparisons were made to their results. All the data and hypotheses were statistically analyzed through multivariable regression models using combined data. The research findings revealed that the accrual level had a negative effect on stock returns indicating the presence of accruals anomaly. In addition, it was found that earnings related news had a significant and positive influence on the correction process of accruals anomaly. It was also observed that stock price momentum factor enhanced this process to further reduce the accruals anomaly. Furthermore, the results of this study indicated that higher degrees of conservatism increased the persistence of accruals and as a result, contributed significantly to the correction process of accruals anomaly.

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