Connecting book rate of return to risk and return: the information conveyed by conservative accounting
Connecting book rate of return to risk and return: the information conveyed by conservative accounting
复制标题
连接帐面回报率与风险和回报：保守会计传达的信息
DOI：
10.2139/ssrn.2402933
复制
发表时间：
2016
影响因子：
4.2
通讯作者：
Xiao
中科院分区：
文献类型：
--
作者：
S. Penman;Xiao
本文修正了将账面收益率作为衡量盈利能力的标准解释。相反，由于保守的会计核算，账面收益率向投资者提供了有关风险和预期回报的信息。与资产定价研究不同，在资产定价研究中，账面收益率被视为与风险和预期股票回报正相关，而这篇论文展示了相反的情况：在保守会计的影响下，账面收益率与风险和预期回报负相关。实证分析表明，市场价格相应地反映了股票价格。它还显示了以前记录的正相关性是如何由于对会计的误解以及账面收益率如何以与会计一致的方式进入资产定价的。
This paper revises the standard interpretation of the book rate of return as a measure of profitability. Rather, due to conservative accounting, the book rate of return informs about risk and the expected return to the investor. In contrast to asset pricing research, where the book rate of return is viewed as positively associated with risk and expected stock returns, the paper demonstrates the opposite: with the effect of conservative accounting, the book rate of return is negatively associated with risk and expected return. The empirical analysis indicates that the market prices equities accordingly. It also shows how the previously documented positive correlation is due to a misunderstanding of accounting and how the book rate of return enters into asset pricing in a way that is consistent with the accounting.
20世纪70年代欧洲性别平等话语的互动与分歧
DOI：
--
发表时间：
2022
期刊：
影响因子：
--
作者：
Okada Isamu;Yanagi Itaru;Kubo Yoshiaki;Kikuchi Hirokazu;清水純;福田円;網谷龍介
通讯作者：
網谷龍介