Do artificial income smoothing and real income smoothing contribute to firm value equivalently?

Journal of Banking & Finance, no. 2 (2009): 224-233

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This paper examines the potential impacts of artificial smoothing (abnormal accruals) and real smoothing (derivatives) on firm value. We find that the value of the firm decreases with the magnitude of abnormal accruals and increases with the level of derivative use. Moreover, the accrual discount is more pronounced in firms with weak inve...更多

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