A comparison of earnings persistence in high-tech and non-high-tech firms

A comparison of earnings persistence in high-tech and non-high-tech firms This paper examines systematic differences in earnings persistence between high-tech (HT) and non-high-tech (NHT) firms in the presence of economic- and accounting-driven factors. We document that (1) HT firms, relative to NHT firms, show lower levels of earnings persistence, even after economic and accounting factors identified in prior research are controlled; (2) the type of HT products (durables) increases earnings persistence; and (3) the association between earnings persistence and discretionary accruals is higher in HT firms, possibly because HT mangers use discretionary accruals to convey private information about future cash flows. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Quantitative Finance and Accounting Springer Journals

A comparison of earnings persistence in high-tech and non-high-tech firms

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Publisher
Springer US
Copyright
Copyright © 2013 by Springer Science+Business Media New York
Subject
Economics / Management Science; Finance/Investment/Banking; Accounting/Auditing; Econometrics; Operations Research/Decision Theory
ISSN
0924-865X
eISSN
1573-7179
D.O.I.
10.1007/s11156-013-0421-5
Publisher site
See Article on Publisher Site

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    Dechow, P; Ge, W
  • Earnings persistence
    Frankel, R; Litov, L
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    Givoly, D; Hayn, C
  • The pricing of dividends in equity valuation
    Hand, J; Landsman, W
  • Performance matched discretionary accrual measures
    Kothari, SP; Leone, AJ; Wasley, CE
  • The impact of dividends, debt and investment on valuation models
    Rees, WP

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