More Evidence of Bias in the Differential Timeliness Measure of Conditional Conservatism
发现Basu(1997)提出的条件保守主义差分及时性度量受到规模与平均盈余及股票收益方差负相关等经验规律的影响，导致偏误，并呼吁避免使用该度量。
ABSTRACT Despite the conceptual appeal and popularity of the differential timeliness (DT) measure of conditional conservatism proposed in Basu (1997), Dietrich et al. (2007) and Givoly et al. (2007) have identified considerable biases associated with that measure. We renew their call to avoid using the DT measure because it is affected unexpectedly by two empirical regularities—namely, scale is negatively related to (1) deflated mean earnings and (2) variance of stock returns. Even though these regularities are unrelated to conditional conservatism, their joint effect is substantial and pervasive. More importantly, prior findings regarding time-series and cross-sectional variation in differential timeliness are confounded by corresponding variation in these regularities. Data Availability: Data are publicly available from sources identified in the article.