[雙語(yǔ)翻譯]會(huì)計(jì)失真外文翻譯--歐洲的權(quán)責(zé)發(fā)生制異常會(huì)計(jì)失真的作用（節(jié)選）

1、3350 英文單詞， 英文單詞，19500 英文字符，中文 英文字符，中文 5900 字文獻(xiàn)出處： 文獻(xiàn)出處：Papanastasopoulos G A , Tsiritakis E . The accrual anomaly in Europe: The role of accounting distortions[J]. International Review of Financial Analysis, 2015, 41:176

2、-185.The accrual anomaly in Europe: The role of accounting distortionsGeorgios A. Papanastasopoulos, Emmanuel TsiritakisAbstract Numerous studies claim that the accrual anomaly in the U.S. stock market is due mostly to

3、temporary accounting distortions arising from accrual accounting. We examine the validity of this explanation in an international setting. Across the 15 developed European equity markets we examine, accounting distortion

4、s contribute to the negative relation between accruals and future earnings performance in 14 equity markets. Further, we show that the negative relation between accruals and stock returns could be at least attributable t

5、o accounting distortions. In particular, accruals related to accounting distortions predict returns in 7 out of the 9 markets where the accrual anomaly occurs in Europe. Finally, we show that the impact of accounting dis

6、tortions on the pricing of the accrual component of earnings is stronger in markets with a higher level of trust and a lower level of secrecy.Keywords: Accounting accruals; Accounting distortions; Accrual anomaly; Intern

7、ational stock markets ;Trust1. IntroductionThe accrual anomaly refers to the negative relation of accounting accruals with future earnings and stock returns. This pattern, first documented by Sloan (1996), presents an im

8、portant challenge to rational asset pricing theories (Fama Dechow Richardson, Sloan, Soliman, Xie, 2001) follows that of Sloan (1996) and links the accrual anomaly to the greater subjectivity involved in the estimatio

9、n of accruals. Accruals are negatively related with future earnings performance due to accounting distortions associated with their higher subjectivity. Such distortions could arise from estimation errors in accruing fut

10、ure benefits and obligations and from the opportu- nistic use of accruals by managers to mislead users of financial statements. Investors' misunderstanding of the implications of accounting distortions, leads to sign

11、ificant overweighting of accruals in pricing stocks. Hence, under a mispricing-based interpretation, accounting distortions could possibly have an important role behind the underperformance of firms with high accruals re

12、lative to those with low accruals.The abovementioned studies focus on U.S. firms. The study by Pincus, Rajgopal, and Venkatachalam (2007) constitutes the first published international investigation in the literature show

13、ing that the accrual anomaly with respect to both future profitability and stock returns can be generalized to different country settings. In particular, Pincus et al. (2007) document the occurrence of the accrual anomal

14、y in Australia, Canada and the U.K. Further, Pincus et al. (2007) consider in their analysis discretionary (abnormal) accruals and find supportive evidence of a significant role for earnings management in explaining the

15、societal trust significantly impacts investors' portfolio decisions. Recently, Gennaioli et al. (2015) claim that when investors hold biased expectations, a higher level of trust causes money managers to pander to th

16、eir beliefs, rather than to correct their errors. These issues form our essential motivation to posit that the level of trust in a country affects investors' subjective beliefs about the credibility of accounting acc

17、ruals and, thereby, affecting the pricing of the accrual component of earnings.Our research is important for at least three reasons. First, we provide evidence on the pervasiveness of the impact of accounting distortions

18、 on corporate performance outside the U.S. stock market. As pointed out by Richardson et al. (2006, pp. 741) such an exercise is a one of the most important goals in financial accounting research. Second, we investigate

19、whether accounting distortions constitute an important challenge for market efficiency in a global setting. Third, given that accounting information is used for contracting and investment decisions, by focusing on trust

20、we provide insights on how investors from different social backgrounds do react differently to the distortions arising from accrual accounting.Our sample spans the period 1989–2008 and consists of the following 15 Europe

21、an countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden and Switzerland. Initially, we investigate the presence and the magnitude of the acc

22、rual anomaly in each country by considering the slope coefficient from Fama and MacBeth (1973) cross-sectional regressions of future operating profitability and future abnormal returns on current accruals, conditional on

23、 the current operating profitability. Then, within each country we group firms annually into portfolio quintiles based on their ranking of accruals and examine within each of these portfolios time series averages of the

24、change between future operating profitability and current operating profitability, as well as time series averages of the abnormal returns of portfolios formed on the magnitude of total accruals. We also consider time-se

25、ries averages of the spread in profitability changes and the spread in returns between extreme accrual portfolios.If the accrual anomaly occurs in a country, we expect a negative slope coefficient and a positive spread i

26、n profitability changes and in returns between the lowest and the highest portfolio. Further, following Watanabe, Xu, Yao, and Yu (2013), we report statistics using a country- neutral approach and a country-pooling appro

27、ach. In the country-neutral approach we report cross-country averages of the slope coefficient from regressions and the spread from portfolios. In the country-pooling approach we report the slope coefficient from regress

28、ions and the spread from portfolios when stocks are pooled across countries.In order to quantify the contributing role of accounting distortions at the accrual anomaly in each country, we conduct the same tests mentioned

29、 above by replacing accruals with the component of accruals capturing accounting distortions. According to Richardson et al. (2006) algebraic model accruals are equal to a component capturing growth (i.e., accruals attri

30、butable to growth) minus a component capturing accounting distortions minus an interaction term between these components. Thereby, reductions (increases) in the component capturing accounting distortions lead to proporti

31、onal increases (reductions) in accruals. Put another way, a low or even a negative value of this component ceteris paribus indicates a firm with high accruals due to accounting distortions. Given the impact of this compo