TY - JOUR JF - qjfep JO - qjfep VL - 5 IS - 20 PY - 2018 Y1 - 2018/3/01 TI - Response of Stock Returns to Earnings Management in the Listed Companies in Tehran Stock Exchange TT - بررسی واکنش بازده سهام به مدیریت سود در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران N2 - Company's managers tend to manipulate their earnings statistics or manage earnings to avoid reporting the realized losses or to gain their investors’ trust. There are three managing options to achieve the expected level of profits: the real benefit management (RM) false accounting, and accrual-based earnings management (AM).The purpose of this study is to investigate the relationship between real earnings management and future stock returns in 100 listed companies in Tehran Stock Exchange for the period of 2003-2015. In this study, we consider the effects of operating cash flow, production costs and discretionary spending in this relationship. The results of this study indicate that the manipulation of real activities via abnormal operating cash flow and abnormal discretionary costs increases the stock returns in the current year, and have a significant relationship with the stock returns in the next year. Abnormal production cost in the current period which is resulting from an increase in production is not related to stock returns in the next year. It means that the price of the share can reflect the full impact of excess production on the future operational performance of the company. . SP - 149 EP - 172 AU - Abbaszadeh, Nosratollah AD - KW - real activities manipulation KW - accrual-based earnings management KW - future stock return UR - http://qjfep.ir/article-1-667-en.html ER -