Enterprise and Innovation

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https://hdl.handle.net/10292/1125
Enterprise and Innovation is the name of the Research Paper Series of the Business School at AUT (ISSN 1176-1997). Enterprise and Innovation serves as an interdisciplinary forum for original research undertaken within the Business School, highlighting and supporting the active research culture here. The aims of the forum are to provide a channel for the dissemination of working papers for discussion prior to subsequent development.

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Browsing Enterprise and Innovation by Author "Koerniadi, H"

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    Accruals and Cash Flows Anomalies: evidence from the New Zealand Stock Market
    (AUT Faculty of Business, 2005) Koerniadi, H; Tourani-Rad, A
    This paper investigates the presence of accruals and cash flows anomalies in the New Zealand stock market for the period of 1987 to 2003. There is insignificant evidence of accruals anomaly. We find, however, that the poor performance of the highest accruals firms contributes most to the positive hedge return. As earnings are positively associated with accruals, it seems that investors are misled by the high accruals in high earnings firms. Further test results based on discretionary accruals support this hypothesis. We also find strong evidence of cash flows anomaly during the sample period.
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