How to cite this paper
Hejazi, R & Rostamnejad, S. (2013). An investigation on the effects of conservatism on reducing risk of stock market investment: A case study of Tehran Stock Exchange.Management Science Letters , 3(7), 1885-1890.
Refrences
Ahmed, A. S., & Duellman, S. (2007). Accounting conservatism and board of director characteristics:
An empirical analysis. Journal of Accounting and Economics, 43(2), 411-437.
Ai, C., & Norton, E. C. (2003). Interaction terms in logit and probit models. Economics letters, 80(1),
123-129.
Ball, R., Robin, A., & Sadka, G. (2008). Is financial reporting shaped by equity markets or by debt
markets? An international study of timeliness and conservatism. Review of Accounting
Studies, 13(2-3), 168-205.
Ball, R., Jayaraman, S., & Shivakumar, L. (2009). The complementary roles of audited financial
reporting and voluntary disclosure: A test of the confirmation hypothesis. Available at SSRN
1489975.
Ball, R., Kothari, S. P., & Nikolaev, V. (2010). Econometrics of the Basu asymmetric timeliness
coefficient and accounting conservatism. Chicago Booth Research Paper, (09-16).
Bates, D. S. (2000). Post- & apos; 87 crash fears in the S & P 500 futures option market. Journal of
Econometrics, 94(1-2), 181-238.
Beekes, W., Pope, P., & Young, S. (2004). The link between earnings timeliness, earnings
conservatism and board composition: evidence from the UK. Corporate Governance: An
International Review, 12(1), 47-59.
Bekaert, G., & Wu, G. (2000). Asymmetric volatility and risk in equity markets. Review of Financial
Studies, 13(1), 1-42.
Boyer, B., Mitton, T., & Vorkink, K. (2010). Expected idiosyncratic skewness. Review of Financial
Studies, 23(1), 169-202.
Braun, P. A., Nelson, D. B., & Sunier, A. M. (1995). Good news, bad news, volatility, and betas. The
Journal of Finance, 50(5), 1575-1603.
Bushman, R. M., & Piotroski, J. D. (2006). Financial reporting incentives for conservative
accounting: The influence of legal and political institutions. Journal of Accounting and
Economics, 42(1), 107-148.
Campbell, J. Y., & Hentschel, L. (1992). No news is good news: An asymmetric model of changing
volatility in stock returns. Journal of financial Economics, 31(3), 281-318.
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and
conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345-381.
Chung, H. H., & Wynn, J. P. (2008). Managerial legal liability coverage and earnings
conservatism. Journal of Accounting and Economics, 46(1), 135-153.
Dhaliwal, D. S., Huang, S., Khurana, I., & Pereira, R. (2008). Product market competition and
accounting conservatism. Available at SSRN 1266754.
Dierker, M. (2006). Does conservatism help or hurt market efficiency?. Available at SSRN 895504.
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of
Financial Economics, 7(2), 197-226.
Duffee, G. R. (1995). Stock returns and volatility a firm-level analysis. Journal of Financial
Economics, 37(3), 399-420.
Engle, R. F., & Ng, V. K. (1993). Measuring and testing the impact of news on volatility. The Journal
of Finance, 48(5), 1749-1778.
Frankel, R., & Roychowdhury, S. (2007). Are all special items equally special? The predictive role of
conservatism. The Predictive Role of Conservatism, Available at SSRN 1001434.
Kim, J. B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level
analysis. Journal of Financial Economics, 100(3), 639-662.
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of
accounting conservatism. Journal of Accounting and Economics, 48(2), 132-150.
Lara, J. M. G., Osma, B. G., & Penalva, F. (2009). Accounting conservatism and corporate
governance. Review of Accounting Studies, 14(1), 161-201.
Glosten, L. R., Jagannathan, R., & Runkle, D. E. (1993). On the relation between the expected value
and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), 1779-
1801.
Harvey, C. R., & Siddique, A. (2000). Conditional skewness in asset pricing tests. The Journal of
Finance, 55(3), 1263-1295.
Hong, H., & Stein, J. C. (2003). Differences of opinion, short?sales constraints, and market
crashes. Review of financial studies, 16(2), 487-525.
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2 and crash
risk. Journal of Financial Economics, 94(1), 67-86.
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of
accounting conservatism. Journal of Accounting and Economics, 48(2), 132-150.
Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news?. Journal of
Accounting Research, 47(1), 241-276.
LaFond, R., & Watts, R. L. (2008). The information role of conservatism. The Accounting
Review, 83(2), 447-478.
Marin, J. M., & Olivier, J. P. (2008). The dog that did not bark: Insider trading and crashes. The
Journal of Finance, 63(5), 2429-2476.
Norton, E. C., Wang, H., & Ai, C. (2004). Computing interaction effects and standard errors in logit
and probit models. Stata Journal, 4, 154-167.
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing
approaches. Review of financial studies, 22(1), 435-480.
Pindyck, R.S. (1984). Risk, inflation, and the stock market. The American Economic Review, 74, 335-
351.
Qiang, X. (2007). The effects of contracting, litigation, regulation, and tax costs on conditional and
unconditional conservatism: cross-sectional evidence at the firm level. The Accounting
Review, 82(3), 759-796.
Roychowdhury, S., & Watts, R. L. (2007). Asymmetric timeliness of earnings, market-to-book and
conservatism in financial reporting. Journal of Accounting and Economics, 44(1), 2-31.
Van Buskirk, A. (2009). Implied volatility skew and firm-level tail risk. Unpublished paper,
University of Chicago.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and
borrowers. Journal of accounting and economics, 45(1), 27-54.
An empirical analysis. Journal of Accounting and Economics, 43(2), 411-437.
Ai, C., & Norton, E. C. (2003). Interaction terms in logit and probit models. Economics letters, 80(1),
123-129.
Ball, R., Robin, A., & Sadka, G. (2008). Is financial reporting shaped by equity markets or by debt
markets? An international study of timeliness and conservatism. Review of Accounting
Studies, 13(2-3), 168-205.
Ball, R., Jayaraman, S., & Shivakumar, L. (2009). The complementary roles of audited financial
reporting and voluntary disclosure: A test of the confirmation hypothesis. Available at SSRN
1489975.
Ball, R., Kothari, S. P., & Nikolaev, V. (2010). Econometrics of the Basu asymmetric timeliness
coefficient and accounting conservatism. Chicago Booth Research Paper, (09-16).
Bates, D. S. (2000). Post- & apos; 87 crash fears in the S & P 500 futures option market. Journal of
Econometrics, 94(1-2), 181-238.
Beekes, W., Pope, P., & Young, S. (2004). The link between earnings timeliness, earnings
conservatism and board composition: evidence from the UK. Corporate Governance: An
International Review, 12(1), 47-59.
Bekaert, G., & Wu, G. (2000). Asymmetric volatility and risk in equity markets. Review of Financial
Studies, 13(1), 1-42.
Boyer, B., Mitton, T., & Vorkink, K. (2010). Expected idiosyncratic skewness. Review of Financial
Studies, 23(1), 169-202.
Braun, P. A., Nelson, D. B., & Sunier, A. M. (1995). Good news, bad news, volatility, and betas. The
Journal of Finance, 50(5), 1575-1603.
Bushman, R. M., & Piotroski, J. D. (2006). Financial reporting incentives for conservative
accounting: The influence of legal and political institutions. Journal of Accounting and
Economics, 42(1), 107-148.
Campbell, J. Y., & Hentschel, L. (1992). No news is good news: An asymmetric model of changing
volatility in stock returns. Journal of financial Economics, 31(3), 281-318.
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and
conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345-381.
Chung, H. H., & Wynn, J. P. (2008). Managerial legal liability coverage and earnings
conservatism. Journal of Accounting and Economics, 46(1), 135-153.
Dhaliwal, D. S., Huang, S., Khurana, I., & Pereira, R. (2008). Product market competition and
accounting conservatism. Available at SSRN 1266754.
Dierker, M. (2006). Does conservatism help or hurt market efficiency?. Available at SSRN 895504.
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of
Financial Economics, 7(2), 197-226.
Duffee, G. R. (1995). Stock returns and volatility a firm-level analysis. Journal of Financial
Economics, 37(3), 399-420.
Engle, R. F., & Ng, V. K. (1993). Measuring and testing the impact of news on volatility. The Journal
of Finance, 48(5), 1749-1778.
Frankel, R., & Roychowdhury, S. (2007). Are all special items equally special? The predictive role of
conservatism. The Predictive Role of Conservatism, Available at SSRN 1001434.
Kim, J. B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level
analysis. Journal of Financial Economics, 100(3), 639-662.
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of
accounting conservatism. Journal of Accounting and Economics, 48(2), 132-150.
Lara, J. M. G., Osma, B. G., & Penalva, F. (2009). Accounting conservatism and corporate
governance. Review of Accounting Studies, 14(1), 161-201.
Glosten, L. R., Jagannathan, R., & Runkle, D. E. (1993). On the relation between the expected value
and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), 1779-
1801.
Harvey, C. R., & Siddique, A. (2000). Conditional skewness in asset pricing tests. The Journal of
Finance, 55(3), 1263-1295.
Hong, H., & Stein, J. C. (2003). Differences of opinion, short?sales constraints, and market
crashes. Review of financial studies, 16(2), 487-525.
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2 and crash
risk. Journal of Financial Economics, 94(1), 67-86.
Khan, M., & Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of
accounting conservatism. Journal of Accounting and Economics, 48(2), 132-150.
Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news?. Journal of
Accounting Research, 47(1), 241-276.
LaFond, R., & Watts, R. L. (2008). The information role of conservatism. The Accounting
Review, 83(2), 447-478.
Marin, J. M., & Olivier, J. P. (2008). The dog that did not bark: Insider trading and crashes. The
Journal of Finance, 63(5), 2429-2476.
Norton, E. C., Wang, H., & Ai, C. (2004). Computing interaction effects and standard errors in logit
and probit models. Stata Journal, 4, 154-167.
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing
approaches. Review of financial studies, 22(1), 435-480.
Pindyck, R.S. (1984). Risk, inflation, and the stock market. The American Economic Review, 74, 335-
351.
Qiang, X. (2007). The effects of contracting, litigation, regulation, and tax costs on conditional and
unconditional conservatism: cross-sectional evidence at the firm level. The Accounting
Review, 82(3), 759-796.
Roychowdhury, S., & Watts, R. L. (2007). Asymmetric timeliness of earnings, market-to-book and
conservatism in financial reporting. Journal of Accounting and Economics, 44(1), 2-31.
Van Buskirk, A. (2009). Implied volatility skew and firm-level tail risk. Unpublished paper,
University of Chicago.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and
borrowers. Journal of accounting and economics, 45(1), 27-54.