Accruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market

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dc.contributor.authorKoerniadi, H
dc.contributor.authorTourani-Rad, A
dc.date.accessioned2011-02-21T02:49:18Z
dc.date.available2011-02-21T02:49:18Z
dc.date.copyright2005
dc.date.created2005
dc.date.issued2005
dc.description.abstractThis paper investigates the presence of accruals and cash flows anomalies in the New Zealand stock market for the period of 1987 to 2003. There is insignificant evidence of accruals anomaly. We find, however, that the poor performance of the highest accruals firms contributes most to the positive hedge return. As earnings are positively associated with accruals, it seems that investors are misled by the high accruals in high earnings firms. Further test results based on discretionary accruals support this hypothesis. We also find strong evidence of cash flows anomaly during the sample period.
dc.identifier.other24-2005
dc.identifier.urihttps://hdl.handle.net/10292/1148
dc.publisherAUT Faculty of Business
dc.relation.urihttp://www.aut.ac.nz/__data/assets/pdf_file/0007/48481/enterprise_and_innovation_24-2005.pdf
dc.rights2005 © - Copyright of the Author(s)
dc.rights.accessrightsOpenAccess
dc.sourceEnterprise and Innovation, 2005, 24
dc.subjectAccruals
dc.subjectCash flows
dc.subjectAnomalies
dc.titleAccruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market
dc.typeWorking Paper
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