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Asymmetric Returns and the Economic Content of Accruals and Investment

Del Viva, Luca; Kothari, S.P.; Lambertides, Neophytos; Trigeorgis, Lenos


Luca Del Viva

S.P. Kothari

Neophytos Lambertides


This study contributes to our understanding of what accruals capture and how they relate to the distribution of future returns. It examines the past and future growth components of accruals and shows that, whereas past growth is negatively associated with idiosyncratic skewness, future growth is positively associated with it. In addition, although both past and future growth are negatively associated with future returns, the association is more pronounced for past growth when volatility is lower, but for future growth when volatility is higher. The study also shows that the association between the future growth component and future returns reverses in the long run, whereas the association between past growth and future returns does not.


Del Viva, L., Kothari, S., Lambertides, N., & Trigeorgis, L. (2021). Asymmetric Returns and the Economic Content of Accruals and Investment. Management Science, 67(6), 3921-3942.

Journal Article Type Article
Acceptance Date Mar 3, 2020
Online Publication Date Mar 1, 2021
Publication Date 2021-06
Deposit Date Feb 14, 2023
Journal Management Science
Print ISSN 0025-1909
Electronic ISSN 1526-5501
Publisher Institute for Operations Research and Management Sciences
Volume 67
Issue 6
Pages 3921-3942
Public URL