Gholamreza karami0F; Maryam farajzadeh1F
Abstract
AbstractThe purpose of the present study is to investigate the relationship between information asymmetry and mispricing of accruals in Tehran Stock Exchange. Hence, we hypothesize that there is a significant positive relationship between the level of information asymmetry and mispricing of accruals. ...
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AbstractThe purpose of the present study is to investigate the relationship between information asymmetry and mispricing of accruals in Tehran Stock Exchange. Hence, we hypothesize that there is a significant positive relationship between the level of information asymmetry and mispricing of accruals. We implement Mishkin test and classification of portfolios method to respectively investigate whether there is any mispricing of accruals and its relationship with information asymmetry. Furthermore, the indirect balance sheet approach and bid-ask spread have been utilized to measure respectively accruals and information asymmetry. Thus, information of 82 entities during the time span of 5 years between 2008 to 2012 have been analyzed to test our hypothesis. The results depict that as the level of information asymmetry enhances, the difference between coefficients of predictions and evaluation of accruals in the Mishkin test increases. In other words, as the level of information asymmetry increases, the mispricing of accruals intensifies.
Mahdi Moradzadeh Fard; Maryam Farajzadeh; Shima Karami
Abstract
The purpose of this research is to examine both the relationship between accounting conservatism and level of investment under the need or no need of financing conditions and the impact of ultimate ownership on this association. The statistical society of the present research contains 103 companies selecting ...
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The purpose of this research is to examine both the relationship between accounting conservatism and level of investment under the need or no need of financing conditions and the impact of ultimate ownership on this association. The statistical society of the present research contains 103 companies selecting from all companies listed in Tehran Stock Exchange using removal method over the time span of 2006-2010. Combined data method with fixed effect has been used in order to test the research hypothesis. The result depicts that the association between conservatism and investment is significantly negative when a firm do not need external financing. Nonetheless, this association is significantly positive in companies which need external financing. Furthermore, we find that the relationship between conservatism and investment in the companies whose ultimate ownerships controller is governmental or semi governmental firms is significantly negative. Thus, when the agency problem is enhancing, conservatism acts as a mechanism to decrease this problem and engenders reduction in investment cost.
maryam farajzadeh
Abstract
The purpose of the present study is to investigate the relationship between information asymmetry and mispricing of accruals in Tehran Exchange Market. hence, we hypothesize that there is a significant positive relationship between the level of information asymmetry and mispricing of accruals. we implement ...
Read More
The purpose of the present study is to investigate the relationship between information asymmetry and mispricing of accruals in Tehran Exchange Market. hence, we hypothesize that there is a significant positive relationship between the level of information asymmetry and mispricing of accruals. we implement Mishkin test and classification of portfolios method to respectively investigate whether there is any mispricing of accruals and its relationship with information asymmetry. Furthermore, the indirect balance sheet approach and bid-ask spread have been utilized to measure respectively accruals and information asymmetry. Thus, information of 82 entities during the time span of 5 years between 2008 to 2012 have been analyzed to test our hypothesis. The results depicts that as the level of information asymmetry enhances, the difference between coefficients of predictions and evaluation of accruals in the Mishkin test increases. In other words, as the level of information asymmetry increases, the mispricing of accruals intensifies.
