Please use this identifier to cite or link to this item: https://hdl.handle.net/10953/1133
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dc.contributor.authorCANO-RODRÍGUEZ, MANUEL-
dc.contributor.authorNÚÑEZ-NICKEL, MANUEL-
dc.date.accessioned2021-12-14T07:45:04Z-
dc.date.available2021-12-14T07:45:04Z-
dc.date.issued2015-01-
dc.identifier.issn1468-5957es_ES
dc.identifier.other10.1111/jbfa.12099es_ES
dc.identifier.urihttp://hdl.handle.net/10953/1133-
dc.description.abstractThis paper documents a study about the influence of the aggregation effect on the estimates of models based on the original Basu model – specifically the Ball, Kothari, and Nikolaev model (Ball et al., 2013b). We provide an analytical study of the effect, showing that it can produce two biases: an omitted-variable bias and a truncated-sample bias. Using separate proxies for good and bad news for each company and year, we estimate the empirical sign and magnitude of those biases. Our results show that the estimates of conditional conservatism based on regressions of (unexpected) earnings on (unexpected) returns, as in Ball et al. (2013b), are contaminated by substantial aggregation bias. More specifically, the aggregation effect causes these models to underestimate good-news timeliness and overestimate bad-news timeliness, thereby overestimating differential timeliness. Moreover, when we use proxies that provide better control for the aggregation effect, the differential timeliness coefficient tends to 0, showing that the influence of conditional conservatism on the returns–earnings relationship is at best marginal.es_ES
dc.description.sponsorshipThis research is funded by the SEJ2007-65782-C02-02ECON and the ECO201022105-C03-03 (subprogram ECON) research projects of the Spanish Ministry of Science and Education, and the INFOINNOVA research project of the Community of Madrid.es_ES
dc.language.isoenges_ES
dc.publisherWileyes_ES
dc.relation.ispartofJournal of Business Finance & Accounting [42];;[51-78]es_ES
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.subjectaccounting conservatismes_ES
dc.subjectconditional conservatismes_ES
dc.subjectreturns–earnings relationshipes_ES
dc.subjectaggregation effectes_ES
dc.titleAggregation Bias in Estimates of Conditional Conservatism: Theory and Evidencees_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses_ES
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_ES
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