ACCOUNTING SEMINAR - Georgios Papanastasopoulos

Author: CASE
Time: 15:00
Location: CASE 127


Tuesday- 17 April 2018


Speaker  : Georgios Papanastasopoulos -University of Piraeus

Title        :  The Relationship of Percent Accruals with Future Profitability and Stock Returns

Time       : 15:00-16:30
Place      : CASE 127

Date       : 17 April –Tuesday

Abstract: We show a strong negative relation of percent accruals with future profitability and stock returns in the U.K. We find that the accrual effect on stock returns is more pronounced for micro stocks relative to small stocks, while it doesn’t occur across big stocks. Furthermore, we show that the accrual effect on future earnings and stock price performance is stronger across loss firms relative to profit firms. Overall, we conclude that earnings fixation is a key factor in explaining the occurrence of the accrual anomaly, while limits to arbitrage are of great significance in explaining the persistence of the anomaly.

Dr. Georgios Papanastasopoulos is Tenured Assistant Professor in Accounting at the Department of Business Administration of the University of Piraeus, where he teaches both at the undergraduate and the postgraduate level. Further, he is teaching as a Visiting Lecturer courses in accounting at the Department of Business Administration of the Athens University of Economics and Business (MBA program), at the Hellenic Open University, at the Department of Banking and Financial Management of the University of Piraeus (both at the undergraduate and postgraduate program) and at the Department of Industrial Management of the University of Piraeus (undergraduate program)