Electronic Resource
Oxford, UK; Malden, USA
:
Blackwell Publishing Ltd/Inc.
Journal of business finance & accounting
31 (2004), S. 0
ISSN:
1468-5957
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
Abstract: This study argues that lower variability of earnings does not guarantee income smoothers’ higher firm values. Instead, smoothers’ earnings should be more value-relevant if they are of high quality, i.e., earnings quality should be considered simultaneously. Sample firms are divided into four groups: quality earnings smoothers, quality earnings non-smoothers, non-quality earnings smoothers, and non-quality earnings non-smoothers. Value relevance of reported earnings is then studied using both the levels and the changes approaches with indicator variables. Results show quality earnings smoothers have the highest price-earnings multiple while non-quality non-smoothers have the lowest price-earnings multiple.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.0306-686X.2004.00583.x
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