اثر تسويات الاستحقاق الخاضعة لسيطرة الادارة علي عوائد الاسهم ( دليل من بورصة عمان للاوراق المالية )

This study examined the effect of discretionary accruals on stock returns for a sample of (72) industrial and service firms in Amman Bourse, during the period from 1996 to 2005. The study used (Jones-CF) model that adds the operating cash flow as an explanatory variable to estimate the discretionary and non-discretionary accruals. The results indicate that the discretionary accruals have an effect on stock returns, and have incremental information content beyond the other variables. The results also confirm that managers use discretionary accruals for income smoothing to show information about the current and future profitability. Thus, the results suggest that the use of discretionary accruals is informative in enhancing the capacity of reported earnings to reflect the firm’s real performance. Furthermore, this study provides an evidence that Amman Bourse is an efficient market in the semi-strong form.