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Market perceptions of discretionary accruals by debt renegotiating firms during economic downturn

Ahmed, Kamran; Godfrey , Jayne; Saleh, Norman


This study addresses how a stock market prices earnings components around a sudden and severe economic downturn. In particular, the study examines the market valuation of discretionary accruals for debt renegotiating Malaysian firms during the Asian financial crisis. Our analysis shows that negative discretionary accruals for debt renegotiating firms are associated with higher market values of equity and are not related to the firms' future earnings. These findings are consistent with investors...[Show more]

CollectionsANU Research Publications
Date published: 2008
Type: Journal article
Source: The International Journal of Accounting
DOI: 10.1016/j.intacc.2008.04.002


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