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An Examination of the Naïve-Investor Hypothesis in Accruals Mispricing in Tunisian Firms
16 references·2 citing·46 second hop
An Examination of the Naïve-Investor Hypothesis in Accruals Mispricing in Tunisian Firms (2011)An Examination of the Naïve-Investor Hypo…Limited attention, information disclosure, and financial reporting (2003)Limited attention, informatio…The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises (2001)The Reversal of Abnormal Accr…The Mispricing of Abnormal Accruals (2001)The Mispricing of Abnormal Ac…Institutional Investors and Equity Prices (2001)Institutional Investors and E…Do Analysts and Auditors Use Information in Accruals? (2001)Do Analysts and Auditors Use …Investor Sophistication and Patterns in Stock Returns after Earnings Announcements (2000)Investor Sophistication and P…Institutional Investors and Equity Prices (1998)Institutional Investors and E…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? 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(1989)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Investor Psychology and Asset Pricing (2001)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Agency Problems and the Theory of the Firm (1980)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency costs of free cash flow, corporate finance, and takeovers (1996)The Categorical Imperative: Securities Analysts and the Illegitimacy Discount (1999)Explaining the Diversification Discount (2002)International Corporate Governance (2003)Noise Trader Risk in Financial Markets (1990)Mutual Fund Herding and the Impact on Stock Prices (1999)Inefficient Markets (2000)The market for borrowing stock (2002)Short sales, institutional investors and the cross-section of stock returns (2005)Judgment under Uncertainty: Heuristics and Biases (1974)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)Investor Inattention and Friday Earnings Announcements (2009)In Search of Attention (2011)Multifactor Explanations of Asset Pricing Anomalies (1996)Chapter 18 A survey of behavioral finance (2003)Does Fund Size Erode Mutual Fund Performance? 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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?2,636 cited
  • 2003Limited attention, information disclosure, and financial reporting2,339 cited
  • 1997Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?2,181 cited
  • 1990Evidence that stock prices do not fully reflect the implications of current earnings for future earnings2,010 cited
  • 2001Institutional Investors and Equity Prices1,646 cited
  • 1997Agency Problems, Equity Ownership, and Corporate Diversification1,305 cited
  • 1998Institutional Investors and Equity Prices1,263 cited
  • 2001The Mispricing of Abnormal Accruals1,116 cited
  • 1993The hidden costs of stock market liquidity1,020 cited
  • 1988External control, corporate strategy, and firm performance in research‐intensive industries794 cited
  • 2001Do Analysts and Auditors Use Information in Accruals?752 cited
  • 2000Investor Sophistication and Patterns in Stock Returns after Earnings Announcements746 cited
  • 1988Earnings Management in an Overlapping Generations Model730 cited
  • 2001The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises

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609 cited
  • 1971Risk, Return, and Equilibrium539 cited
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    • 2023Are political connections a curse for banks of the MENA region? The moderating effect of ownership structure26 cited
    • 2018Accrual management and expected stock returns in India15 cited