Erschienen in:NYU Working Paper ; No. DANIEL A. COHEN-11
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Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 2006 erstellt
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Bradshaw, Richardson, and Sloan (BRS) find a negative relation between their comprehensive measure of corporate financing activities and future stock returns and future profitability. Noticing that accounting accruals are increases in net operatingassets on a company s balance sheet, we question whether it is possible to distinguish between the external financing anomaly documented by BRS and the accrual anomaly first documented by Sloan (1996). We show that once controlling for total accruals, the relation between external financing activities and future stock returns is attenuated and not statistically significant. These findings are consistent with Richardson and Sloan (2003)