Costs of Stock Trading by Study on Commitment Components مقاله

نویسنده: Anbarestani، Mitra ؛

International Journal of Finance, Accounting and Economics Studies Winter 2012, Volume 2 - Number 1 (‎10 صفحه - از 43 تا 52 )

کلیدواژه ها: Short Abnormal commitments Normal commitments Stock trading costs selling constraints Commitment Commitments More

چکیده:

In this paper, we are examining the relationship between stock trading costs and commitment components and find both abnormal and normal commitments associated with these costs are associated. Moreover, stock trading costs have a greater influence by both abnormal and normal negative commitments more than positive commitments. Further analysis has shown that in general, investors are unable to break up positive or negative abnormal commitments from earnings. Additionally, investors overrate the continuity of both positive and negative normal commitments. These intuitions form more witness of the low degree of market efficiency. It seem investors depend on commitments and they overrate value when abnormal and normal commitments are positive and underestimate it when they are negative, So this propels to asymmetric effect on trading costs between positive and negative commitments in the face of short-selling constraints.

خلاصه ماشینی:

It seem investors depend on commitments and they overrate value when abnormal and normal commitments are positive and underestimate it when they are negative, So this propels to asymmetric effect on trading costs between positive and negative commitments in the face of short-selling constraints Keywords: . Investors find information on firm value by commitment, and the timing of cash flow recognition in earnings can altered by their use, thereby mitigating the problem of noisy cash flow measurement and improving the accuracy of firm performance measurement, particularly in case the interval of the latter measurement is short, the volatility of the firm’s working capital requirements and investment and financing activities is great, and its operating cycle is long (Dechow, 1994). , 2005) suggested that investors have difficulty understanding the real firm value information embedded in commitments, which by information asymmetry between informed and uninformed traders they can increase stock trading costs. 2. 2 Iterature on commitments and stock trading costs From commitments include many subjective judgments, thus leading to information asymmetry between investors and listed firms. If investors are naive and fixated on earnings, they generally cannot understand the real value or relevance of the information embedded in commitment components (whether abnormal or normal). A high absolute value of abnormal commitments generally means high levels of earnings management and information asymmetry, which lead to high trading costs. Trading costs will increase in the securities market if investors cannot understand a firm's economic reality (such as normal commitments).

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