Campbell etal.(2001) document anint

Campbell etal.(2001) document anintriguingresult—the levelofaveragestockreturnvolatilityhasincreased
considerably from1962to1997intheU.S.Furthermore,mostofthisincreaseisattributabletoidiosyncraticstockreturn
volatility asopposedtothevolatilityofthestockmarketindex.Inasimilarvein, Morck etal.(2000) find thattheratioof
idiosyncratic risktosystematicriskhassurgedovertimeintheU.S.Thisupwardtrendinidiosyncraticvolatilityhas
important implicationsfor(i)portfoliodiversification;(ii)arbitrageurs,whorequiresubstitutesformispricedstockswith
lower idiosyncraticrisk;and(iii)pricingofemployeestockoptionsandmanagerialcompensationpolicies.
In thispaper,weexplorewhetherdeterioratingfinancialreportingquality,proxiedbyaccrual-basedmeasuresof
earnings quality,isassociatedwithincreaseinidiosyncraticvolatilityoverthelastfourdecades.2 Kothari (2000) points to

ผลลัพธ์ (อังกฤษ) 2:

Campbell etal. (2 001) Document-Anintriguingresult the Levelofaveragestockreturnvolatilityhasincreased
considerably.
Asopposedtothevolatilityofthestockmarketindex.Inasimilarvein, Mørck, etal. (2000) Find Thattheratioof
idiosyncratic RisktosystematicriskhassurgedovertimeintheU.S.Thisupwardtrendinidiosyncraticvolatilityhas
important.
Idiosyncraticrisk; and (III) Pricingofemployeestockoptionsandmanagerialcompensationpolicies.
In.
quality, isassociatedwithincreaseinidiosyncraticvolatilityoverthelastfourdecades.2 Kothari (2000) points to.