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Can the earnings fixation hypothesis explain the accrual anomaly?

✍ Scribed by Linna Shi; Huai Zhang

Book ID
106512359
Publisher
Springer US
Year
2011
Tongue
English
Weight
247 KB
Volume
17
Category
Article
ISSN
1380-6653

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This study examines the accrual anomaly under the framework of the Campbell [Campbell, J.Y. (1991). A variance decomposition for stock returns. Economic Journal 101 (405), 157-179.] model. The Campbell (1991) model shows that realized asset returns are a joint function of 1) expected returns, 2) rev