The Relationship Between Information Disclosure Quality and Financial Statement Quality

• Main Authors: Mei-Chuan Huang, 黃美娟
• Other Authors: Yueh-Yu Hsu
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/17950401302079480192

碩士 === 靜宜大學 === 會計學系研究所 === 95 === We investigate the role that information disclosure quality plays in the valuation of accruals by examining the relationship between information disclosure quality and financial statement quality. The article uses bid-ask spread and share holding of Professional Institutional Investors as proxy variables for information disclosure quality. The results provide strong evidence those accruals mispricing exists in firms with lower-quality disclosures but not in high-quality disclosures firms. In addition, under distinct information disclosure quality control, the accrual-based portfolio earns significantly hedge return for high and low information quality firms. It indicates that accrual anomaly exists on overall disclosure quality firms. The robustness test controls firm’s characteristics, results show that firm''s characteristic factor significantly to influence abnormal return.