The Accrual Anomaly Under Different Accounting Standards – Lessons Learned from the German Experiment
研究德国市场中的应计异象，发现该异象主要由采用IFRS或US-GAAP的公司驱动，而采用德国GAAP的公司则不存在此异象，并指出在弱公司治理环境下引入依赖难验证信息的会计准则可能无助于提高会计信息质量。
Abstract: Several studies document that investors systematically overreact to accrual‐based accounting information. We address the question to what extent this accrual anomaly is related to different accounting standards. We provide empirical evidence that the accrual anomaly is also present in Germany. However, this anomaly seems mainly to be driven by firms presenting their financial statements under IFRS or US‐GAAP, while the anomaly is unlikely to exist for those firms complying with German GAAP. It is argued that introducing true and fair view accounting, like IFRS, that relies on difficult‐to‐verify information, may not be suitable to improve accounting information quality in the context of a weak corporate governance system.