Δεδουλευμένα και μετοχικές αποδόσεις
With this survey, we want to examine how the phenomenon of accrual anomaly occurs in Greece before and after a crisis. The accrual anomaly was first researched by Sloan (1996), who concluded, after extensive research, that companies with high accruals have low expected returns and the opposite for those which have low accruals. There are also other views of major economists about the accruals. We want to see if the accrual anomaly exists in Greece in the years of the crisis. First of all, we calculate the accrued earnings of all listed companies in the Athens Stock Exchange and then we calculate its future returns. Then we create portfolios divided into two categories. The two categories are: highly accrued portfolios and low accrued portfolios and we compare the monthly and the yearly calculations. After extensive research and several calculations, we concluded that the accrual anomaly does not appear during the crisis in Greece. Then we analyze why this occur, and do other calculations to support these results.