فصلنامه دانش حسابداری مالی
پیاپی 2 (پاییز 1393)

Earnings-based equity valuation models show that over finite forecast horizons, the price of a stock is a function of (a) expected earnings, (b) the expected earnings growth rate, and (c) the expected rate of return. In this study, we examine whether the current (realized) change in earnings growth, which we label “earnings acceleration,” is informative about future earnings and, consequently, affects stock prices. So, we aggregate data of 350 firm-year for future earnings model and 541 firm-year for return model from accepted firms in Tehran stock exchange witch were available. In order to examine the hypothesis of the study four regression models witch two models investigate relationship between earning acceleration (separated by positive and negative earning acceleration and six partition) and returns and two others investigate the association with future earnings according by using data panel method. The results of our study show that there are significant relationship between positive earning acceleration and stock return and also future earnings. But the evidences in the case of negative earning acceleration associated with future earning and return were not found. These findings can be used in choosing investment strategies and earnings prediction based on earning acceleration.

The effect of audit report delay on investors’ decisions has motivated numerous researchers to investigate factors affecting that delay. Most studies have focused on markets in developed countries. The informative value of audited financial statements decreases proportionately as the number of days it takes to obtain audit report signatures increases, because users will seek information from alternate resources. Moreover, audit report delay adversely affects the timeliness of financial reporting.The main purpose of this study is investigating the impact of financial distress on the audit report delay in the companies listed in the Tehran Stock Exchange. It is assumed that companies with a weaker financial condition will expose the auditor to greater audit risk, thus increasing the audit report lag. The dataset includes 110 companies listed in the Tehran Stock Exchange during the period 1385-1389 and for processing and testing hypotheses, linear regression method is used.The study finds no evidence of the impact of financial distress on the audit report delay in the companies listed in Tehran Stock Exchange.

This paper focuses on surveying the effects of investment growth on the relationship between equity values and accounting variables. The main purpose of this research is more comprehensive study of relations between accounting data and companies'' equity values. Specifically, this paper deals with the fact that what changes previous investments of companies and investment expected growth impose in conditions of accounting data effectiveness on companies'' equity values. Research findings will indicate that how the relationships between equity values and profit and also equity values and book value are influenced by investment growth and consequently better conception of determinative factors of ratios such as cost to profit and cost to book value can be achieved. For this purpose, the data related to accepted firms in Tehran Stock Exchange in time period of to were used in cross-sectional data model. Using Zhang as the theoretical basis, the effect of investment growth on the relation between equity values and accounting variables was predicted and empirically tested. Research findings indicated that given book value, growth increases (positive) slope of the relation between equity value and earning for high-profitability firms. Also given earnings, equity value conversely depends on equity book value for high-profitability firms and growth reduces slope of the relation between equity value and equity book value.

In the present research, the enforcement of management's ideas on accruals was considered in two perspectives of earning's additive management and earning's regressive management. Thus, the existence of opportunistic incentives of a manager through following a target earnings were studied in order to compare the predictability of the figures reported primarily with the revised figures. The statistical sample of the research entails 478 company-years accepted in Tehran Stock Exchange which have revised their figures at least once between the years 2005 and 2010. On the whole, the results showed that the predictability of the primary accounting information is higher than the revised accounting information in identifying the future cash flow changes. Meanwhile, the difference between the predictability of the primary information and the revised information in opportunistic earnings additive management and non-opportunistic earnings regressive management is statistically meaningful