چکیده:
Researchers who have studied overreaction of shareholders have concluded that investors overreact to the past financial performance of companies; meaning that investors value stocks with good past performance higher than their intrinsic value and stocks with weak past financial performance lower than their intrinsic value. Therefore, after some time, when investors realize their previous expectations were incorrect, the stock price returns to its intrinsic and real value. The present research examines the overreaction of shareholders in the Tehran Stock Exchange. In this study, investor reaction to changes in accruals is investigated. The statistical population of the research is the companies listed on the Tehran Stock Exchange. The research time period is 9 years from 1378 to 1386 (Solar Hijri). To test the research hypotheses, two methods, regression and portfolio, were used. The results obtained indicate that in the Iranian capital market, there is an incorrect reaction of investors to accruals, but the persistence of accruals is not a factor that misleads investors.
خلاصه ماشینی:
31-48 Investigating Investors' Reactions in the Tehran Stock Exchange to the Persistence Aspects of Accruals Hamid Haghighat*, Ali Akbar Iranshahi1** *Assistant Professor of Accounting, Imam Khomeini International University **Master of Accounting, Imam Khomeini International University Abstract {IBResearchers who have studied the overreaction of shareholders have concluded that investors overreact to the past financial performance of companies; this means that investors value stocks with good past performance higher than their intrinsic value and stocks with weak past financial performance lower than their intrinsic value.
Investors predict the future returns of company stocks through reported earnings and by examining the components of earnings; namely, accruals and operating cash flows.
They argue that when investors form their expectations of company earnings, they tend to overstate the persistence of accrual items and understate the persistence of cash flows, and in this case, a negative relationship between accrual items and future stock returns is created.
Under the misinterpretation of cash flow persistence and accrual items in predicting operating income, market members predict last year's earnings to be higher (lower) for companies with the highest (lowest) accrual items, and since there is a positive relationship between earnings and returns, therefore, future returns and subsequently stock prices are also affected by investors' misinterpretation of the persistence of earnings components, and consequently, anomalous accruals and mispricing cause accrual measures to predict future abnormal returns3[12].
He argues that when investors form their expectations of company earnings, they tend to overstate the persistence of accrual items and understate the persistence of cash flows, and in fact, they predict the persistence of accrual items more than cash flows, which results in creating a negative relationship between accrual items and future stock returns.
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