مجله پژوهش های کاربردی در گزارشگری مالی
پیاپی 2 (بهار و تابستان 1392)

The purpose of this study is identifying the factors affecting post-earnings announcement drifts. Whether post-earnings-announcement drifts attributable, at least in part, to behavior distinct sets of investors (small and large traders) who use seasonal random-walk-based (RW) and analyst- forecast- based (AF) earnings surprises were examined. The study sample includes observations for 90 firms listed in Tehran Stock Exchange for the period 1385 to 1390 (Iranian Calendar). The results reveal that small traders systematically trade in the direction of RW earnings surprises after earnings announcements, whereas large traders’ trading during post-earnings-announcement period is in the direction of AF earnings surprises.

Today, the concept of the earnings management has attracted the attention of many researchers, so that more researchers are looking at the reasons and motivations for earnings management. One reason for earnings management is corporate income tax rate. The purpose of this study is to investigate the effects of corporate tax rate changes on the earnings management, according to the 2002 tax reform act. To do so, a sample of 65 companies listed in Tehran Stock Exchange was analyzed from 2001 to 2003. The criteria used to measure earnings management, is discretionary accruals. Characteristics of the company that was used in the study include: firm size, financial leverage, growth rate of the company and company ownership.
The results of the study indicated that the companies in the prior year of tax rate reduction began to do decreasing earnings management to reduce tax costs. The results also showed in prior year of tax rate reduction companies with low financial leverage used decreasing earnings management to reduce tax costs. The results for the growth rate of the company and discretionary accruals also showed that in the prior year of tax rate reduction, companies with low growth rate used of decreasing earnings management. The results also show that there is no significant relationship between the type of ownership (private or state) and earnings management and also between the firm size and discretionary accruals in prior year of tax rate reduction.

This paper examines the association between conservatism and the value relevance of accounting information over the1384 through 1389 period. We measure conservatism using model of Beaver and Ryan (2000) with respect to net assets measure. We also used approaches developed in Easton and Harris (1991) and Francis and Schipper (1999) to measure value relevance of returns and price, respectively. In order to examine the relationship between conservatism and value relevance of accounting information, we partition 822 observations (year-firm) to four groups with respect to levels of conservatism (high and low) as well as trend in conservatism (increasing and non-increasing). For examining each of two hypotheses, we calculated the adjusted R2 from regression of price on earnings and book values as well as the adjusted R2 from regression of returns on earnings and changes in earnings for each of years between 1384 through 1389 separately and then we used the average of six year’s adjusted R2 as a measure of value relevance. Afterwards, we used the average to examine whether the difference of value relevance of levels and trends in conservatism is significant. We used the paired-independence test for this purpose.
Despite the increasing conservatism in recent years, we find no evidence that conservatism is related to value relevance. With respect to the first hypothesis although the measure of value relevance in firms with high levels of conservatism is more than those of low levels, the difference between them is not significant. This result applies to the second hypothesis, too.

Studies have shown that earnings opacity leads to crash risks –i.e. the severe price drops in subsequent periods. If managers manipulate earnings to hold bad news for a time period, such bad news will be gradually stockpiled. After a certain tipping point, it will become very expensive and even impossible for managers to continuously withhold bad news. Thus, stockpiled bad news comes out all at once and stock prices crash. Since operating cash flows is an important profit indicator and is likely to be less susceptible to manipulation, investigate whether operating cash flow can mitigate the adverse effect of earnings opacity in firm valuation. We used both ex ante and ex post measures of operating cash flow informativeness such as the extremity of operating cash flow-to-price ratio and cash flow variability to investigate the role of OCF in predicting crash risk. This study tests these relationship between operating cash flow , earnings opacity and stock price crash risk for 90 firms of listed on the Tehran Stock Exchange during 1386-1390. (Iranian Calander) It was found operating cash flow is a source of information useful to mitigate stock price crash risk. as operating cash flow informativeness increases, stock price crash risk generally decreases. Also results imply that operating cash flow is valued by the market and is useful in mitigating the relationship between earnings opacity and future crash risk. Namely can mitigate the adverse effects from opaque earnings, implying the operating Cash flow information may be under-used by the market.

Business group refer to the collection of legal firms that have legal entity and have reporting entity. The purpose of this study is investigation of membership effect in business group on the earnings quality of firms affiliated to business groups. To measure earnings quality three proxies including accrual quality, earning predictability and smooth earnings in different industries are used. The multivariate regression analysis is used to analyze our hypotheses. The sample consists of 72 firms listed in Tehran Stock Exchange during the 2004 to 2009. To measure the research variables the range spread between the years 2000 to 2011.
The results indicate that in firms affiliated to business groups have higher accruals quality, higher earnings predictability and smoother earnings than independent firms. With this three proxies we conclude in firms affiliated to business groups earning quality is higher than independent firms.

Getting informed about probable stock price movements in predictable future is one of the necessities of investors. The purpose of this article is analyzing the post-earnings announcement drift in firm and market levels with random walk and earnings change predictability approaches. Results of panel data regression analysis by using 2611 earnings announcement from second quarter of year 1384 to end of year 1390 shows that impacts of earnings announcement on stock price through three quarters with random walk approach and two quarters with earnings predictability pattern of changes is positively significant and persistent, but regression analysis at market portfolio level indicates no significant relationship between market return and market level earnings news. Thus post-earnings announcement drift hypothesis is not applicable to market portfolio level.

This article examines common stock price behavior which accompanied the mandated disclosure of 2,532 forecasted earnings adjustment during the years 1386-1390 (Iranian calendar). We use event study methodology applying 11 days as event window (5 days before and 5 days after announcement) and 180 days as estimation period. Abnormal return calculated by four methods include mean adjusted return, market mean return, residual of market model and difference of CAPM. We found positive adjustments of forecasted earnings per share cause rise of stock price, but reduction of stock price because of negative adjustments of forecasted earnings per share is rejected.