Does accounting conservatism alleviate the PEAD

Abstract

Abstract: The paper investigates the influence of accounting conservatism on Post-earnings announcement drift (PEAD) by sampling A-shares listed firms from 2005 to 2018. The empirical results show that accounting conservatism can significantly reduce the PEAD. The institutional investors and analysts as an important intermediary in the capital market, their attentions has played a positive role in the influence of accounting conservatism on PEAD, which is manifested that accounting conservatism plays a more obvious role in alleviating PEAD in both companies with a high proportion of institutional shareholding and those with analysts' attention. Further research explores the mechanism of accounting conservatism relieving PEAD. The results show that accounting conservatism alleviates PEAD by improving the quality of accounting information.

Key words: Accounting conservatism, PEAD, Quality of accounting information, Investors' attention

CLC Number:

F275

DU Yan, WANG Sheng-nian. Does accounting conservatism alleviate the PEAD[J]. Journal of Guizhou University of Finance and Economics, 2020(05): 53-63.

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