Δεδουλευμένα κέρδη και χρηματιστηριακές αποδόσεις: εμπειρική ανάλυση των επιπτώσεων της χρηματοπιστωτικής κρίσης στο φαινόμενο των δεδουλευμένων κερδών

Σκουρλής, Γεώργιος Θ.

Master Thesis

Author

Σκουρλής, Γεώργιος Θ.

Date

2015-02

Abstract

This paper extends the work of Sloan (1996) and Papanastasopoulos & Tsiritakis by linking accrual earnings to future stock returns, which depends on (a) different estimated models of accrual earnings (b) trust level of each country, (c) the effect of the financial crisis of 2008 at investors' sentiment and (d) the market efficiency. The empirical tests confirm the negative relation between accrual earnings and the future stock returns (known as accruals anomaly) at the sample of European Countries. Examining this relation it concluded that (a) the existence and the magnitude of the accruals anomaly depends on the way of estimation of accrual earnings, (b) there is positive relation between country's trust level and the magnitude of accruals anomaly, (c) the effect of the financial crisis of 2008 differ among European countries and depends on trust level of each country, and finally (d) the dominant factor of existence of negative relation between accrual earnings and stock returns is the market's inefficiency.

Postgraduate Studies Programme

Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική και Τραπεζική Διοικητική

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/7449

Collections

Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Show full item record

Except where otherwise noted, this item's license is described as
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές