000			01808nab a2200205 a 4500
999			_c199738 _d199738
003			OSt
005			20200226102101.0
008			200206s2015 xxu|||||r|||| 00| 0eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aOhlson, James A. _9179080
245	1	0	_aRisk versus anomaly _ba new methodology applied to accruals _cJames A. Ohlson & Pawel Bilinski
300			_aPáginas 2057 a la 2077
520	3		_aResearch suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for the negative association between accruals and returns. The intuition is that high-risk stocks should experience relatively high and low returns more often than low-risk stocks. Thus, a variable that has the opposite correlations with high returns than with low returns is unlikely to capture risk, which points toward an anomaly. The paper implements this perspective via two logistic regressions predicting relatively high and low returns. Controlling for standard risk measures, we document that low accruals increase the probability of large positive returns, but reduce the likelihood of large negative returns. This finding is inconsistent with the prediction that accruals reflect risk and supports the hypothesis that the accrual “anomaly” is indeed an anomaly.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
690			_aAnomalía de los devengos (Contabilidad) _9179081
690			_aRetorno contable _9179082
700	1		_aBilinski, Pawel _9179083
773	0		_082265 _9369792 _aThe accounting review 2015 V.90 No. 5 (Sep) _o0000002029959 _x0001-4826 (papel) _h21 páginas _nIncluye tablas y referencias bibliográficas
942			_2ddc _cART