Contemporary Accounting Research·Volume 33, Issue 2 Summer 2016

国际市场中的个人主义、不确定性规避和盈余动量

作者：P. Dou (RF Capital), C. Truong (Monash University), M. Veeraraghavan (T.A. PAI Management Institute)

摘要：本研究考察个人主义和不确定性规避等文化维度是否可以解释国际市场中盈余动量策略的盈利能力变化。使用Tang and Koveos (2008)基于时变的文化指标，数据来自1995—2008年的41个国家的30383家公司。我们的结果表明，一个国家的个人主义程度与盈余动量收益呈正相关，不确定性规避的水平与盈余动量收益呈负相关。我们的实证结果在考虑了一整套控制变量和替代文化指标后仍旧很稳健。实证包含的核心信息是，我们强调了超越完全理性假设以及解释国际投资者之间固有的差异的重要性，这种固有的差异能够解释会计信息是如何纳入股票价格的。我们建议在跨国研究中纳入文化层面，以解释国际投资者之间的内在差异。

Individualism, Uncertainty Avoidance, and Earnings Momentum in International Markets

P. Dou (RF Capital), C. Truong (Monash University), M. Veeraraghavan (T.A. PAI Management Institute)

ABSTRACT

This study examines whether cultural dimensions such as individualism and uncertainty avoidance can explain the variation in the profitability of the earnings momentum strategies in international markets. Using the time-varying cultural indices of Tang and Koveos (2008) for 30,383 firms from 41 countries over the period 1995–2008, we show that the level of individualism in a country is positively associated and the level of uncertainty avoidance is negatively associated with earnings momentum profits. Our findings are robust to the inclusion of a comprehensive set of control variables and alternative cultural metrics. The central message is that we emphasize the necessity to go beyond the assumption of perfect rationality and to account for innate differences among international investors to explain how accounting information is incorporated into stock prices. We recommend that cultural dimensions be included in cross-country research to account for innate differences among international investors.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12155/full

翻译：黄涛