短期销售前景对收益平滑的影响

IF 3.6 Q1 BUSINESS, FINANCE
Xu Sun, Tianming Zhang
{"title":"短期销售前景对收益平滑的影响","authors":"Xu Sun, Tianming Zhang","doi":"10.1108/raf-01-2022-0020","DOIUrl":null,"url":null,"abstract":"\nPurpose\nThe purpose of this paper is to examine the impact of short sale prospect on future income smoothing.\n\n\nDesign/methodology/approach\nThis study examines how short sale prospect impacts future income smoothing. This study follows prior research and uses two measures of income smoothing. One is the correlation between the change in prediscretionary income and the change in discretionary accruals. The other is the variability of earnings relative to the variability of cash flows.\n\n\nFindings\nThis study finds that short sale prospect has a negative impact on future income smoothing. This finding is robust to use different measures of short sale prospect and income smoothing and to subsample tests. Additional analysis reveals that short sale prospect, by curbing income smoothing, reduces future stock price crash risk.\n\n\nOriginality/value\nTo the best of the authors’ knowledge, this study is the first to examine the impact of short selling on firms’ subsequent smoothing of reported income. This study contributes to the earnings quality literature by demonstrating the governance role of short selling on future earnings smoothness.\n","PeriodicalId":21152,"journal":{"name":"Review of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":3.6000,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"The impact of short sale prospect on income smoothing\",\"authors\":\"Xu Sun, Tianming Zhang\",\"doi\":\"10.1108/raf-01-2022-0020\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\nPurpose\\nThe purpose of this paper is to examine the impact of short sale prospect on future income smoothing.\\n\\n\\nDesign/methodology/approach\\nThis study examines how short sale prospect impacts future income smoothing. This study follows prior research and uses two measures of income smoothing. One is the correlation between the change in prediscretionary income and the change in discretionary accruals. The other is the variability of earnings relative to the variability of cash flows.\\n\\n\\nFindings\\nThis study finds that short sale prospect has a negative impact on future income smoothing. This finding is robust to use different measures of short sale prospect and income smoothing and to subsample tests. Additional analysis reveals that short sale prospect, by curbing income smoothing, reduces future stock price crash risk.\\n\\n\\nOriginality/value\\nTo the best of the authors’ knowledge, this study is the first to examine the impact of short selling on firms’ subsequent smoothing of reported income. This study contributes to the earnings quality literature by demonstrating the governance role of short selling on future earnings smoothness.\\n\",\"PeriodicalId\":21152,\"journal\":{\"name\":\"Review of Accounting and Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.6000,\"publicationDate\":\"2023-01-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Accounting and Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/raf-01-2022-0020\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/raf-01-2022-0020","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 1

摘要

目的本文的目的是检验卖空前景对未来收入平滑的影响。设计/方法论/方法本研究考察了卖空前景如何影响未来收入平滑。这项研究遵循了先前的研究,并使用了两种收入平滑的衡量标准。一个是支出前收入的变化与可自由支配应计项目的变化之间的相关性。另一个是收益相对于现金流的可变性。研究发现,卖空前景对未来收入平滑有负面影响。这一发现在使用卖空前景和收入平滑的不同衡量标准以及子样本测试时是稳健的。进一步分析表明,卖空前景通过抑制收入平滑,降低了未来股价暴跌的风险。原创性/价值据作者所知,这项研究首次考察了卖空对公司随后平滑报告收入的影响。本研究通过证明卖空对未来盈利平稳性的治理作用,为盈利质量文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of short sale prospect on income smoothing
Purpose The purpose of this paper is to examine the impact of short sale prospect on future income smoothing. Design/methodology/approach This study examines how short sale prospect impacts future income smoothing. This study follows prior research and uses two measures of income smoothing. One is the correlation between the change in prediscretionary income and the change in discretionary accruals. The other is the variability of earnings relative to the variability of cash flows. Findings This study finds that short sale prospect has a negative impact on future income smoothing. This finding is robust to use different measures of short sale prospect and income smoothing and to subsample tests. Additional analysis reveals that short sale prospect, by curbing income smoothing, reduces future stock price crash risk. Originality/value To the best of the authors’ knowledge, this study is the first to examine the impact of short selling on firms’ subsequent smoothing of reported income. This study contributes to the earnings quality literature by demonstrating the governance role of short selling on future earnings smoothness.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信