000			01831nab a2200193 4500
999			_c199647 _d199647
003			OSt
005			20200226102051.0
008			200128s2016 xxu|||||r|||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aPatatoukas, Panos N. _9177576
245	1	0	_aPlacebo tests of conditional conservatism _cPanos N. Patatoukas & Jacob K. Thomas
300			_aPáginas 625 a la 648
520	3		_aBasu (1997) proposes a measure of financial reporting conservatism based on asymmetry in the conditional earnings/returns relation. Patatoukas and Thomas (2011) show upward bias in this measure, because a placebo—lagged earnings—also exhibits similar asymmetry. Ball, Kothari, and Nikolaev (2013a) and Collins, Hribar, and Tian (2014) propose alternative explanations for the bias and offer revised measures to overcome the bias. However, we find that both revised measures remain substantially upward-biased. In particular, a placebo based on lagged share price mimics time-series and cross-sectional variation observed for the revised measures. More generally, we find biases in the asymmetric timeliness specification because earnings, accruals, and other measures of performance are often related to second and higher moments of the distribution of returns. In addition to suggesting that the asymmetric timeliness specification be used with caution, our study illustrates the useful role placebos can play in archival studies.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_9176449 _aConservadurismo contable _xPruebas de campo _vPublicaciones seriadas
700	1		_aThomas, Jacob K. _9178341
773	0		_082265 _9382158 _aThe accounting review 2016 V.91 No. 2 (Mar) _o0000002031463 _x0001-4826 (papel) _h24 páginas _nIncluye figuras, tablas, referencias bibliográficas y apéndices
942			_2ddc _cART