Are Book-Tax Differences Mispriced?
研究账面-税收差异（BTD）是否被错误定价，发现BTD的错误定价实际上是经营现金流与股价比（CFO/P）异象的伪装，BTD的收益可被CFO/P解释，而非独立异象。
ABSTRACT I examine whether book-tax differences (BTDs) are mispriced. I predict that BTD mispricing is the operating cash flows-to-price (CFO/P) anomaly in disguise. Using both time-series asset pricing tests and cross-sectional returns tests, I provide consistent evidence that returns to trading on BTDs are explained by CFO/P. Rather than being an independent anomaly, the findings indicate that any evidence of BTD mispricing is subsumed by the broader CFO/P anomaly. These findings stand in contrast to many studies that infer BTDs possess unique information for future earnings reflected in stock prices with a delay. JEL Classifications: G12; G14; M41