信息披露质量和现金流外文翻译(编辑修改稿)

信息披露质量和现金流外文翻译(编辑修改稿)内容摘要：

ing on accrual mispricing without also considering cash flow mispricing is inplete (Desai, Rajgopal, amp。 Venkatachalam [2020]。 Yu [2020]。 Barone amp。 Magilke [2020]). Thus, in this paper, we investigate the role that disclosure quality plays in the accurate valuation of both accruals and cash flow. Specifically, we examine whether investors price securities as if they better understand the information in accruals and cash flow for future earnings for firms with high disclosure quality relative to fir ms with low disclosure quality. Investigating the association between disclosure quality and the mispricing of accruals and cash flow is important because it highlights the role that disclosure quality plays in helping investors to efficiently impound accounting information into prices, thus establishing a link between disclosure quality and market efficiency. As such, this study tests a conjecture in Thomas (2020) that the mispricing of earnings information may result from lowquality disclosures. Our results contribute to the literature by providing evidence that the existence of at least some market anomalies may be reduced by high quality disclosure. Moreover, our research may provide evidence to policy makers as they weigh the costs and benefits of mandating improved disclosures. Recent research provides evidence that temporary accounting distortions arising from accrual estimation errors plays a significant role in the lower earnings persistence of accruals relative to cash flow (Richardson, Sloan, Soliman, amp。 Tuna [2020]). These accrual estimation errors could be a result of both unintentional errors in forecasting the future economic benefits of accruals and intentional managerial manipulation (Xie [2020]。 Richardson, Sloan, Soliman, amp。 Tuna [2020]). Sloan (1996) argues that investors fail to fully understand the differential persistence of accruals because they do not understand the greater subjectivity involved in estimating accruals relative to cash flow. Recent research also suggests that investors underestimate the persistence of cash flow and thus, fail to fully understand the future economic benefits of cash flow (Desai, Rajgopal, amp。 Venkatachalam [2020]。 Yu [2020]。 Barone amp。 Magilke [2020]). Theory suggests that increased disclosure plays a role in equity markets by reducing information asymmetries, increasing liquidity, and reducing the cost of capital (Diamond amp。 Verrecchia [1991]。 Kim amp。 Verrecchia [1994]). However, very few papers investigate the role that disclosure plays in efficient pricing. Our focus on disclosure is based on the idea that more informative disclosures allow investors to more fully understand the information in accruals and cash flow for future earnings. We conjecture that, all things equal, investors can better understand the managerial assumptions used to record accruals and therefore, can better forecast the future economic benefits and valuation implications of accruals when disclosure quality is higher. We also conjecture that, all things equal, investors can better understand the information in cash flow for future earnings, and thus can more accurately value cash flow, when disclosure quali。