THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM CATEGORY 24'S PORTFOLIO TECHNIQUE FOR SEASONAL

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BEKHRADINASAB VAHID; JOLANEJAD FATEMEH

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2018 | Volume:10 | Issue:36 Page(s): 25-43

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Title

THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM CATEGORY 24'S PORTFOLIO TECHNIQUE FOR SEASONAL

Author(s)

BEKHRADINASAB VAHID | JOLANEJAD FATEMEH | Issue Writer Certificate

Keywords

EARNINGS QUALITYQ2

ACCRUALS QUALITYQ3

EARNINGS PERSISTENCEQ2

EARNINGS SMOOTHNESSQ2

EARNINGS PREDICTABILITYQ2

Abstract

Tehran Stock Exchange has not lived and somewhat inefficient. Mechanisms and rules governing this market is still not implemented in such a way that the quality of data and information provided by member companies to deliver optimal. and suffered not because of pricing errors. Probably the most attention of users of financial statements, the income statement is focused on the lowest row. In the eyes of most, profit accounting tool for making logical decisions. The hypothesis of this study are as follows: First hypothesis: EARNINGS PERSISTENCE on the absolute value of the excess return a negative influence. The second hypothesis: EARNINGS PREDICTABILITY on the absolute value of the excess return a negative influence. Hypothesis: smoothing on the absolute value of the excess return a negative influence. The fourth hypothesis: quality accruals on the absolute value of the excess return a negative influence. Finally, considering conditions and above limitations, among all companies accepted in Tehran Stock Exchange, 86 companies were selected during 2005 to 2015. Also, to analyze data and estimate research models, ordinary squares regression model of panel data in common effects method, permanent effects or random effects are used. In this regard, to analyze data and calculate research variables, excel software 2010, and perform statistical tests, and for final analyses, views software, version 7, were applied. In general indicates that measures the quality of earnings on excess stock returns based on Fama and French three-factor model, taking into account the trend of stock prices of listed companies on Tehran Stock Exchange, is impressive. In this study of four indicators to measure EARNINGS QUALITY, earnings stability, predictability of earnings, ACCRUALS QUALITY and smoothing was used as the four hypothesis that the effect of these measures on additional efficiency gains from the difference between the real Return expected return achieved was measured and the results of the test showed that the hypothesis were accepted theories, the literature cited in the literature and theoretical framework also matched.

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APA: Copy

BEKHRADINASAB, VAHID, & JOLANEJAD, FATEMEH. (2018). THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM CATEGORY 24'S PORTFOLIO TECHNIQUE FOR SEASONAL. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 10(36), 25-43. SID. https://sid.ir/paper/200074/en

Vancouver: Copy

BEKHRADINASAB VAHID, JOLANEJAD FATEMEH. THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM CATEGORY 24'S PORTFOLIO TECHNIQUE FOR SEASONAL. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2018;10(36):25-43. Available from: https://sid.ir/paper/200074/en

IEEE: Copy

VAHID BEKHRADINASAB, and FATEMEH JOLANEJAD, “THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM THE IMPACT OF EARNING QUALITY ON EXCESS RETURNS WITH REGARD TO MOMENTUM CATEGORY 24'S PORTFOLIO TECHNIQUE FOR SEASONAL,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 10, no. 36, pp. 25–43, 2018, [Online]. Available: https://sid.ir/paper/200074/en

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