فصلنامه دانش حسابداری
پیاپی 19 (زمستان 1393)

Earnings-based anomaly، known as post-earnings announcement drift، could be regarded as delayed price response to earnings information that results in earning abnormal returns. The accrual anomaly refers to the fact that the current level of accruals is negatively related to abnormal returns over the following year، which may result in earning abnormal returns. These two anomalies appear to be related closely in the sense that accruals could be regarded as the primary component contributing to earnings. The aim of this study is to examine these two anomalies in the Iranian capital market، and to explain the relationship between them. In this study a sample of 560 firm-years from the Tehran Stock Exchange in the period of 1388-1391 has been considered. The results show that earnings-based anomaly is different from accrual anomaly. Also، a hedge portfolio trading strategy that takes both forms of market mispricing، generates abnormal returns higher than those based on only unexpected earnings or accruals informatio. n

This study aims to investigate how managers’ authorities be used at three events of the possibility of: distress is low، financial distress and، distress is high، in the companies listed in the Tehran Stock Exchange، TSE،. To test the hypotheses، information from 855 firm-years in a five year period 1386 to 1390 were classified into three groups، using the predict bankruptcy model of Altman. In this model، manipulation of accruals was measured by Kaznyk model (1999). The results of estimation and hypotheses tests from unbalanced panel data regression model suggest that there exists efficient use of earnings management in the companies in the TSE. In other words، the TSE managers in different states of distress، to illustrate a better situation of financial state، manipulate accounting profits declining، using discretionary accruals. Also، at the event of increasing the possibility of financial distress، the level of manipulation of accounting earnings by managers increases.

The objective of this study is to evaluate changes in the level of cash holdings in response to corporates’ cash flows. For this، using financial information of a sample consisting of 118 companies listed in the Tehran Stock Exchange in the period 2006-2011، the sensitivity of cash flows of cash holdings was studied، regarding three aspects of: cash flows types (positive or negative)، financial constraints، and external monitoring. This study is an applied research and takes regression method of panel data to test hypotheses. The findings showed that there was no difference in the cash flow sensitivity of cash in the two cases that companies face with a positive or a negative cash flows. Also، there was no difference between the cash flow sensitivity of cash in the cases of financially constrained and financially unconstrained. Additionally the findings showed that for the companies with stronger external monitoring the cash flow sensitivity of cash was not greater than that for the other companies.

Dividend policy is one of the most controversial issues in the field of financial management. With respect to the importance of policy of corporate profit sharing، study on reliable profit that should be distributed between equity owners، and avoiding distributing delusive profit seems a very important issue. This paper، following Lawson and Wang (2014) and Caskey and Hanlon (2013)، studies the relationship between dividend policy and both the auditor’s and managers’ expected profit. To examine the dividend policy، a survey method was used for obtaining real information of 99 companies listed in the Tehran Stock Exchange in the period 2002 to 2011، and then، a descriptive statistics method in the form of panel data regression model was employed. The results showed that the explanatory power of auditors’ expected profit in dividend policy is more than the explanatory power of managers’ expected profit. The results also showed that there is no meaningful difference between auditors’ expected profit and managers’ expected profit.

Auditing standards have required assessment of risk in each auditing project by audit risk model. The aim of this study is to examine auditors’ assessment methods for inherent risk and control risk in the Iranian environment of professional auditing. After literature review of the specialized auditing sources and collecting experts’ ideas، 44 factors attributed to inherent and control risks، and then، a questionnaire designed and distributed among employed certified public accountants.

Based on signaling and competing theories، firms have different characteristics and conditions in their life-cycle that could be influencing their financial reporting. This study investigates the relationship between firms، life cycle and their earnings quality. To measure earnings quality، four criteria were used: conservatism، predictability، persistence and value relevance. The study sample includes firms listed in the Tehran Stock Exchange from 2007 to 2012. The study has used regression analysis to investigate the above mentioned relationship. The findings showed that earnings predictability and earnings consistency are different across firms’ life-cycle. For the firms in declining stage، their earnings predictability and earnings consistency are less than those in the other stages. However، there was not significant difference between the firms in mature and growing stages. Moreover، conservatism and value relevance were not found significant during the firms’ life cycle.