演讲题目： Estimating the Amount of Estimation in Accruals

演 讲 者： 李峰

           上海交通大学上海高级金融学院会计学教授、副院长

演讲时间： 2016年7月9日（周六）上午10:00—11:30

演讲地点：嘉庚一507室

主 持 人：于李胜 教授

参 加 者：对会计、财务研究有兴趣的师生

讲座简介：This paper examines the relation between the amount of estimation needed during the accrual generating process and the quality of accruals. Specifically, we identify estimation related linguistic cues contained in the notes and critical accounting policies sections of 10-K filings to measure the amount of estimation needed during the accruals generating process. Consistent with the conjecture in Sloan (1996), we find that accruals requiring more estimation have a lower relation to future earnings. We also find that these accruals are less likely to map into past, current, or future cash flows in the spirit of Dechow and Dichev(2002). Furthermore, we find that our results are driven by specific accrual accounts as well as within account variation in estimation. Lastly, we find no relation between the amount of estimation in accruals and the magnitude of the relation between accruals and future abnormal returns. Overall, our findings suggest that the amount of estimation.