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On the asymmetric timeliness of oper...

Steele, Logan B.

On the asymmetric timeliness of operating cash flows.

Record Type:	Electronic resources : Monograph/item
Title/Author:	On the asymmetric timeliness of operating cash flows.
Author:	Steele, Logan B.
Description:	72 p.
Notes:	Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .
Notes:	Adviser: Daniel A. Bens.
Contained By:	Dissertation Abstracts International72-09A.
Subject:	Business Administration, Accounting.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3460126
ISBN:	9781124717098

On the asymmetric timeliness of operating cash flows.
Steele, Logan B.

On the asymmetric timeliness of operating cash flows. - 72 p.

Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .

Thesis (Ph.D.)--The University of Arizona, 2011.

I examine why operating cash flows exhibit asymmetric timeliness with respect to stock returns and given this understanding, address the consequences for research into conditional accounting conservatism. Numerous studies document that operating cash flows are more sensitive to negative stock returns relative to positive returns. Because the properties of cash flows are defined largely by the operating (rather than reporting) decisions taken by management, the asymmetric relation with returns cannot be explained by conditional conservatism. I find that the asymmetric timeliness of cash flows is primarily driven by product pricing, whereby managers are quick to cut prices in response to bad economic news, but do not appear to increase prices in response to good economic news. Consistent with this reasoning, I find that firms with greater pricing power exhibit lower asymmetric timeliness in operating cash flows as well as in earnings.

ISBN: 9781124717098Subjects--Topical Terms:

227519
Business Administration, Accounting.

On the asymmetric timeliness of operating cash flows.
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100 1 $a Steele, Logan B. $3 531110
245 1 0 $a On the asymmetric timeliness of operating cash flows.
300 $a 72 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .
500 $a Adviser: Daniel A. Bens.
502 $a Thesis (Ph.D.)--The University of Arizona, 2011.
520 $a I examine why operating cash flows exhibit asymmetric timeliness with respect to stock returns and given this understanding, address the consequences for research into conditional accounting conservatism. Numerous studies document that operating cash flows are more sensitive to negative stock returns relative to positive returns. Because the properties of cash flows are defined largely by the operating (rather than reporting) decisions taken by management, the asymmetric relation with returns cannot be explained by conditional conservatism. I find that the asymmetric timeliness of cash flows is primarily driven by product pricing, whereby managers are quick to cut prices in response to bad economic news, but do not appear to increase prices in response to good economic news. Consistent with this reasoning, I find that firms with greater pricing power exhibit lower asymmetric timeliness in operating cash flows as well as in earnings.
520 $a Variation in the asymmetric timeliness of earnings induced by operating cash flows should not be interpreted as evidence of conditional conservatism. With this in mind, I revisit several existing inferences regarding conditional conservatism. I conclude that researchers should employ a specification of the Basu 1997 model that (1) avoids the confounding effect of cash flow asymmetry and (2) addresses the matching role of accruals.
590 $a School code: 0009.
650 4 $a Business Administration, Accounting. $3 227519
650 4 $a Economics, Commerce-Business. $3 212577
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710 2 $a The University of Arizona. $b Accounting. $3 531030
773 0 $t Dissertation Abstracts International $g 72-09A.
790 1 0 $a Bens, Daniel A., $e advisor
790 1 0 $a Dhaliwal, Dan S. $e committee member
790 1 0 $a Trombley, Mark A. $e committee member
790 $a 0009
791 $a Ph.D.
792 $a 2011
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