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On the asymmetric timeliness of oper...

Steele, Logan B.

On the asymmetric timeliness of operating cash flows.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	On the asymmetric timeliness of operating cash flows.
作者:	Steele, Logan B.
面頁冊數:	72 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .
附註:	Adviser: Daniel A. Bens.
Contained By:	Dissertation Abstracts International72-09A.
標題:	Business Administration, Accounting.
電子資源:	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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500 $a Adviser: Daniel A. Bens.
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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.
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