مجله بررسی های حسابداری
پیاپی 3 (تابستان 1394)

Regarding the importance of prediction of stock exchange returns for investors, analysts and predictors, in this study, the relationship between unexpected changes in three-month revenues with consistent earnings growth and stock exchange returns and also the market reaction to the additional conveyed earnings information is investigated. This study is based on 63 industrial companies, having the required qualifications for the present study, listed in Tehran Stock Exchange during the years 2001 to 2013. Multivariate regression was used to test the hypothesis. Research findings show that the stock market meaningfully and timely react to sudden changes in income. Moreover, after controlling for unexpected changes in earnings, there is a significant relationship between stock exchange returns with unexpected changes in income in the range of earnings announcement. The findings also show that there is no significant relationship between the reaction in the stock price after the earnings announcement range and unexpected changes in income in the current range.

Considering the prevalence of annual adjustments between Iranian companies the main purpose of this study is to empirically investigate the relationship between earnings quality and prior period adjustments for listed companies in Tehran Stock Exchange (TSE). Therefore, a sample of 102 listed companies in TSE between 2008 and 2013 were investigated. Accruals quality and earnings smoothing were selected as earnings quality proxies. In conducting this study, one main hypothesis was proposed. To test this hypothesis multiple linear regression analysis were conducted. The results of the hypothesis testing demonstrated that there is a significant negative relationship between proxies of earnings quality and magnitude of prior period adjustments. In other words, the more the earnings quality, the less prior period adjustments in future years.

The purpose of this research is to study the value-relevance of accounting data and its effective factors on the companies listed on Tehran Stock Exchange (TSE). The statistical population of the study consists of 97 companies of the TSE during 2006 to 2013. The univariate linear regression, analysis of variance and Tukey’s test were used to test the hypotheses of the research. The results suggest that earnings per share and dividend per share are relevant information for investment decisions. But there is no relationship between asset net book value and share prices. Also, the results showed that some characteristics of firms (such as size, profitability, leverage and industry type) play an important role in value-relevance of accounting data. But, the variable of liquidity is not influential on the value-relevance.

The aim of this study is to look into the relationship between audit quality and discretionary accruals. It has been assumed that by promoting the auditing quality, the firm's information quality will be increased and the earnings management will be decreased as well. In this research, two measures were used for audit quality as auditor size and specialization in the industry, and for discretionary accruals, from the Jones model (1991). The statistical populations were the admitted companies in Tehran Stock Exchange during the period of 1386 to 1390. And due to the specific limitations, the research sample consisted of 102 firms. The results indicated that companies that have been audited by large auditors and the expertise in the industry have a significant negative relationship with their Discretionary accruals.

This study examines the impact of bad and good news on the persistence of the earnings components and consequently misprices these components in Tehran stock exchange market. We use next year returns to measure the good and bad news, and also apply Mishkin test (1983) to measure the market mispricing. The required data is extracted from the financial statements of 216 companies (2117 firm- years) in 18 active industries in Tehran stock exchange between 2002 and 2013 years. The results indicated that in terms of bad news, accrual persistence ratio of earnings reduces significantly, but this reduction in terms of good news is not significant. In addition, Mishkin test results showed that the market is not efficient about the persistence of earnings components at all, and all persistence ratio of earnings components is priced lower than the actual in different conditions, but the market considers the effect of good and bad news as a factor that increases the persistence of earnings components and in its estimation, exaggeration may occur.

The main purpose of this study was to examine the relationship between negative abnormal audit fees and accruals estimation error of the companies listed in Tehran Stock Exchange. A proposed model by Allen et al (2013) and residual regression of audit fee standard model proposed by Fang et al (2014) respectivly were used to calculate the accruals estimation error and abnormal audit fees. A sample of 97 companies listed in Tehran Stock Exchange during the period 1384-1391 was examined and Multivariate regression was used to test the research hypotheses. The results of study indicated a negative and significant relationship between negative abnormal audit fees and the Accruals estimation error, and between normal audit fees and accruals estimation error. Also, results showed a positive and significant relationship between abnormal audit fees and Accruals estimation error.