چکیده:
One of the assumptions of the efficient capital market is that investors react logically to new information, but empirical findings show that the type of reaction of individuals to published information is different and in some cases their reaction to new information is not entirely logical. In other words, people, influenced by psychological and behavioral factors, show different reactions to new information and cause anomalies, including excessive or less than expected price increases. The purpose of this research is to investigate the reaction of investors to accrued items that cause abnormal accrued items in the market. The statistical population of the research includes companies listed on the Tehran Stock Exchange during the period 1999-2007. The obtained results indicate that there are abnormal accrued items in the Iranian capital market that are dependent on the investment information contained in the accrued items. Also, the results of this research show that investors in the Tehran Stock Exchange show an overreaction to accrued items.
خلاصه ماشینی:
Accounting and Auditing Studies Volume 71, Number 16 Fall 9831 Pp. 1 to 02 Faculty of Management, University of Tehran Investigating Investors' Reaction to the Investment Aspects of Accruals Hamid Haqiqat-1, Ali Akbar Iranshahi-2 Abstract: One of the assumptions of the efficient capital market is that investors react logically to new information, but empirical findings show that the type of reaction of individuals to published information is different, and in some cases their reaction to new information is not entirely logical.
In his research, he considered working capital accruals as a measure of company growth and investment and examined the relationship between accruals and future stock returns based on this measure.
In his research, he considered working capital accruals as a measure of company growth and investment and examined the relationship between accruals and future stock returns based on this measure.
The research results showed that there is a negative relationship between accruals and future stock returns, and this relationship becomes stronger when accruals are a more realistic measure of company growth/investment; therefore, he concluded that the role of accrual investment is a factor in the incorrect reaction of investors in the market [82].
The research results showed that there is a negative relationship between accruals and future stock returns, and this relationship becomes stronger when accruals are a more realistic measure of company growth/investment; therefore, he concluded that the role of accrual investment is a factor in the incorrect reaction of investors in the market [82].
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