Asymmetries in the persistence and pricing of cash flows: Evidence from the United Kingdom

Artikis, Panagiotis G.; Papanastasopoulos, Georgios A.

doi:10.1016/j.jeca.2019.e00113

Cited by 4 publications

(2 citation statements)

References 24 publications

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“…On average, fundamental and market performance of UK stocks is poor, average ROA and monthly returns are −1% and −0.1%, respectively. The studies of Konstantinidi, Kraft, and Pope (2016), Cotter and McGeever (2018) and Artikis and Papanastasopoulos (2019) confirm this poor performance for the UK market. The table shows that, to some extent, moments of the fitted profitability (EROA) distribution resemble that of realised profitability (ROAt + 1).…”

Section: Descriptive Statistics Correlation and Profitability Predictionmentioning

confidence: 63%

Expected Profitability, the 52-Week High and the Idiosyncratic Volatility Puzzle

2021

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Section: Descriptive Statistics Correlation and Profitability Predictionmentioning

confidence: 63%

Expected Profitability, the 52-Week High and the Idiosyncratic Volatility Puzzle

2021

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“…Study finding revealed that this study is line with Sloan's i-e, hedge return is more in loss firms as compared to profit firms. Artikis et al (2019), conducted a study to determine the correlation between cash flows with future earnings and stock returns of both profit firms and loss firms. The sample comprises of 22,230 non-financial companies operating on the London Stock Exchange each year over a period of 24 years from 1989-2013.…”

Section: Literature Reviewmentioning

confidence: 99%

Asymmetrically Timely Loss Recognition and the Accrual Anomaly: Evidence From Pakistan’s Non-financial Sectors

Asim

Siddiqui²

2020

ijafr

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An important role of Conditional conservatism is to align the timely expense recognition of revenue generated in terms of losses compared to the profit over negative components of accruals. Accrual anomaly shows asymmetric differential persistence for accruals and cash flows in years of economic gains rather than losses. The aim of this study to determine the asymmetric timely loss recognition and accrual anomaly of the non-financial firms listed at Pakistan Stock exchange (PSX). Top volume non-financial firms listed at PSX were taken for this study over a period of 2011 to 2018. The direct implication of this research on the pattern of pricing of accrual component of earning exhibits positive relationship of excess returns with accruals and stock returns; whereas negative relationship with earnings, market capitalization and indicator variable of profit firms. Overall, research result is consistent with Konstantinidi et al. (2015), the accrual effect on stock return is existent for earnings generated firms, while not apparent for loss firms. This evidence provides relevant information on the aspects of accrual anomaly and its association with the variables of conditional conservatism on the pricing of accrual during the profit years.

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Information Asymmetry and firm value: Is Vietnam different?

Huynh

Duong

2020

The Journal of Economic Asymmetries

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The aim of the Leeds Beckett Repository is to provide open access to our research, as required by funder policies and permitted by publishers and copyright law.The Leeds Beckett repository holds a wide range of publications, each of which has been checked for copyright and the relevant embargo period has been applied by the Research Services team.We operate on a standard take-down policy. If you are the author or publisher of an output and you would like it removed from the repository, please contact us and we will investigate on a case-by-case basis.

show abstract

Asymmetries in the persistence and pricing of cash flows: Evidence from the United Kingdom

Cited by 4 publications

References 24 publications

Expected Profitability, the 52-Week High and the Idiosyncratic Volatility Puzzle

Expected Profitability, the 52-Week High and the Idiosyncratic Volatility Puzzle

Asymmetrically Timely Loss Recognition and the Accrual Anomaly: Evidence From Pakistan’s Non-financial Sectors

Information Asymmetry and firm value: Is Vietnam different?

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