1、3350 英文单词， 19500 英文字符 ，中文 5900 字 文献出处： Papanastasopoulos G A , Tsiritakis E . The accrual anomaly in Europe: The role of accounting distortionsJ. International Review of Financial Analysis, 2015, 41:176-185. The accrual anomaly in Europe: The role of accounting distortions Georgios A. Papanastasopou
2、los, Emmanuel Tsiritakis Abstract Numerous studies claim that the accrual anomaly in the U.S. stock market is due mostly to temporary accounting distortions arising from accrual accounting. We examine the validity of this explanation in an international setting. Across the 15 developed European equi
3、ty markets we examine, accounting distortions contribute to the negative relation between accruals and future earnings performance in 14 equity markets. Further, we show that the negative relation between accruals and stock returns could be at least attributable to accounting distortions. In particu
4、lar, accruals related to accounting distortions predict returns in 7 out of the 9 markets where the accrual anomaly occurs in Europe. Finally, we show that the impact of accounting distortions on the pricing of the accrual component of earnings is stronger in markets with a higher level of trust and
5、 a lower level of secrecy. Keywords: Accounting accruals; Accounting distortions; Accrual anomaly; International stock markets ;Trust 1. Introduction The accrual anomaly refers to the negative relation of accounting accruals with future earnings and stock returns. This pattern, rst documented by Slo
6、an (1996), presents an important challenge to rational asset pricing theories (Fama & French, 2008). Subsequent research extends Sloans (1996) work by examining various aspects of the accrual anomaly. The primary motivation behind these studies is to assess the economic rationale for the subsequent drift in earnings and stock price performance. An extensive body of these studies (e.g., Chan, Chan, Jegadeesh, & Lakonishok, 2006; Dechow & Dichev, 2002; Richardson, Sloan, Soliman, & Tuna, 20
