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1、DOI:10.1111/j.1475-679X.2007.00259.xJournalofAccountingResearchVol.45No.5December2007PrintedinU.S.A.TheUseofUnsignedEarningsQualityMeasuresinTestsofEarningsManagementPAULHRIBAR∗ANDD.CRAIGNICHOLS†Received23December2006;accepted29May2007ABSTRACTThispaperexaminestheimplicationsof
2、usingtheabsolutevalueofdiscre-tionaryaccrualswhentestingforearningsmanagement.First,weanalyticallydevelopthemeanandvarianceofthedistributionofabsolutediscretionaryaccruals,andshowthattheexpectedvalueisanincreasingfunctionofthevari-anceintheunderlyingerrortermfromthefirst-staged
3、iscretionaryaccrualestimationmodel.Second,wehighlightseveralfirmcharacteristicsthatarerelatedtotheerrorvarianceindiscretionaryaccrualestimationmodels.Us-ingsimulations,weshowthatcorrelationbetweentheearningsmanagementpartitioningvariableandthesefirmcharacteristicsleadstoanoverre
4、jectionofthenullhypothesisofnoearningsmanagement.Third,weprovideresearchdesignsuggestionstohelpresearchersmitigatethepotentialbiasarisingfromtheuseofunsignedmeasuresofearningsmanagement.Usingthesesugges-tions,wereplicatearecentstudy,anddemonstratethattheinferenceschangeafterco
5、ntrollingforoperatingvolatility.1.IntroductionThemeasurementofearningsmanagementplaysacentralroleinawidebodyofaccountingresearch.Typically,studiesinthisliteraturetestfor∗TippieCollegeofBusiness,TheUniversityofIowa;†JohnsonGraduateSchoolofMan-agement,CornellUniversity.Wegratefu
6、llyacknowledgethehelpfulcommentsmadebyDougSkinner(theeditor),ananonymousreferee,PhilBerger,DanCollins,BruceJohnson,JohnMcInnis,MarkNelson,JoePiotroski,DarrenRoulstone,AbbieSmith,RickTubbs,andwork-shopparticipantsattheUniversityofChicagoandtheUniversityofIowa.1017CopyrightC,Un
7、iversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,20071018P.HRIBARANDD.C.NICHOLSearningsmanagementusingdiscretionaryaccruals,measuredastheresid-ualorpredictionerrorfromanaccrualexpectationmodel(e.g.,Healy[1985],DeAngelo[1986],Jones[1991],DefondandJiambalvo[1994],
8、PerryandWilliams[1994],Dechow,Sloan,andSweeney[1995],DeFondan
