张丽55外文翻译.docVIP

沈阳工业大学 毕业设计（论文） 外文翻译资料 论文题目：Stock market anomalies: what can we learn from repurchases and insider trading? 译文题目：我国上市公司股息政策影响因素的实证研究 学 院： 管理学院 专 业： 会计学 学 号： 060504055 学生姓名： 张丽 指导教师： 孙奕驰 完成时间： 年 月 日 Stock market anomalies: what can we learn from repurchases and insider trading? 1. Introduction An extensive literature has developed challenging the assumption of market efficiency . Collectively these papers document empirical regularities consistent with investor under- or over-reaction to publicly available information. Although these anomalies appear to have withstood a barrage of robustness tests, the findings are not without criticism. Schwert (2003) notes that many anomalies occur during specific time periods or within particular selected samples that cannot be readily generalized or implemented on an ex ante basis. Similarly, Fama (1998) documents that long-term return anomalies are sensitive to empirical methods, in that the abnormal returns are sensitive to models for expected (normal) returns and statistical techniques. Ball (1992) and Kothari (2001) also discuss the robustness of return anomalies.This paper adds to this literature by examining whether managers’ trading decisions (both at a firm and personal level) are correlated with trading strategies suggested by the operating accruals and the post-earnings announcement drift (SUE) anomalies. We investigate these two anomalies because they seem especially suited for the purposes of this paper. Given the role that managers play in the financial reporting process, they are uniquely informed about financial reporting and may be in the best position to observe pricing deviations from fundamental value. The accruals anomaly, in particular, hinges on the investor’s inability to recognize the differential persistence of accruals and cash flows, and managers are at an advantaged position to understand the firm’s accruals pr