Author: Cui, Li; Kent, Pamela; Kim, Sujin; Li, Shan
Title: Accounting conservatism and firm performance during the COVIDâ€19 pandemic Cord-id: wbevok39 Document date: 2021_3_1
ID: wbevok39
Snippet: We explore whether firms with more conditionally conservative accounting practices have higher stock returns than other firms during the Covidâ€19 outbreak. We find evidence that Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges applying more conditionally conservative reporting have lower declines in stock return performance during the Covidâ€19 outbreak relative to other firms. We also find that the beneficial role of conditional conservatism is higher when firms have greater
Document: We explore whether firms with more conditionally conservative accounting practices have higher stock returns than other firms during the Covidâ€19 outbreak. We find evidence that Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges applying more conditionally conservative reporting have lower declines in stock return performance during the Covidâ€19 outbreak relative to other firms. We also find that the beneficial role of conditional conservatism is higher when firms have greater information asymmetry following the Covidâ€19 pandemic. Our results are robust to various model specifications with four different measures of conservatism and an alternative return window.
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