About: Accounting conservatism and transitory earnings in value and growth strategies

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	The value premium earned on value and growth investment strategies increases after adjusting for transitory earnings and for the accounting conservatism bias in the book value of equity. Simple investment strategies based on earnings-to-price (E/P) and book-to-market (B/M) performed on the Swedish stock market between 1980 and 2004 generate an annual value premium of 11 to 14%. Adjustments for transitory earnings and for the conservatism bias increase the value premium by 2 to 4 percentage points, and at the same time they improve the consistency of earning it. These results suggest that transitory earnings and accounting conservatism introduce noise into E/P and B/M measures. Adjusting for these accounting characteristics makes the identification based on E/P and B/M more effective. The value premium earned on value and growth investment strategies increases after adjusting for transitory earnings and for the accounting conservatism bias in the book value of equity. Simple investment strategies based on earnings-to-price (E/P) and book-to-market (B/M) performed on the Swedish stock market between 1980 and 2004 generate an annual value premium of 11 to 14%. Adjustments for transitory earnings and for the conservatism bias increase the value premium by 2 to 4 percentage points, and at the same time they improve the consistency of earning it. These results suggest that transitory earnings and accounting conservatism introduce noise into E/P and B/M measures. Adjusting for these accounting characteristics makes the identification based on E/P and B/M more effective. (en)
Title	Accounting conservatism and transitory earnings in value and growth strategies Accounting conservatism and transitory earnings in value and growth strategies (en)
skos:prefLabel	Accounting conservatism and transitory earnings in value and growth strategies Accounting conservatism and transitory earnings in value and growth strategies (en)
skos:notation	RIV/00216208:11230/10:10049887!RIV11-GA0-11230___
http://linked.open...avai/riv/aktivita	P Z
http://linked.open...avai/riv/aktivity	P(GP402/09/P154), Z(MSM0021620841)
http://linked.open...iv/cisloPeriodika	5-6
http://linked.open...vai/riv/dodaniDat	2011
http://linked.open...aciTvurceVysledku	Novák, Jiří
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Univerzita Karlova v Praze / Fakulta sociálních věd
http://linked.open...dnocenehoVysledku	245182
http://linked.open...ai/riv/idVysledku	RIV/00216208:11230/10:10049887
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	market efficiency, value strategy, growth strategy, earnings-to-price, book-to-market, transitory earnings, accounting conservatism (en)
http://linked.open.../riv/klicoveSlovo	market efficiency book-to-market accounting conservatism earnings-to-price growth strategy transitory earnings value strategy
http://linked.open...odStatuVydavatele	GB - Spojené království Velké Británie a Severního Irska
http://linked.open...ontrolniKodProRIV	[7C97763A8D1F]
http://linked.open...i/riv/nazevZdroje	Journal of Business Finance and Accounting
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...vavai/riv/projekt	Financial risk measurement for evaluating stock market efficiency
http://linked.open...UplatneniVysledku	2010
http://linked.open...v/svazekPeriodika	37
http://linked.open...iv/tvurceVysledku	Novák, Jiří Hamberg, Mattias
http://linked.open...ain/vavai/riv/wos	000279838100002
http://linked.open...n/vavai/riv/zamer	Development of the Czech Society in the EU: challenges and risks
issn	0306-686X
number of pages	20 (xsd:int)
http://localhost/t...ganizacniJednotka	11230
is http://linked.open...avai/riv/vysledek of	Accounting conservatism and transitory earnings in value and growth strategies Accounting conservatism and transitory earnings in value and growth strategies Accounting conservatism and transitory earnings in value and growth strategies

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