本研究在 10 個東南亞國家的股票市場中調查，是否應計項目異象
（Accrual Anomaly；Sloan 1996）是全球性現象的一種地區性表現（在美國市場，市場投資者高估應計項目的持續性） 。本研究探究應計項目異象的發生是否與跨國的會計制度結構差異有關，並且檢視發生應計項目異象的原因。本研究在東南亞的樣本國家中，整體而言，並未發現股價高估應計項目，反而是股價低估應計項目的現象，本研究也未發現習慣法國家較可能發生應計項目異象的證據。本研究使用公司別的資料，在東南亞的樣本國家中，發現應計項目異象發生在三個國家：印度、泰國和印尼。使用國家別的資料，在東南亞的樣本國家中，本研究發現應計項目異象較可能發生在對股東保護程度較低及股票市場較不重要的習慣法國家。另外的分析指出，盈餘管理是發生應計項目異象的主要原因，而在控制套利的阻礙因素後，應計項目異象仍不能被套利完全消除。

This paper considers stock markets in 10 South-East Asian countries to investigate whether the accrual anomaly (Sloan 1996), characterized by U.S. stock prices overweighting the role of accrual persistence, is a local manifestation of a global phenomenon. This paper explores whether the occurrence of the anomaly is related to cross-country differences in accounting and institutional structures, and examines alternative explanations for its occurrence. Generally, in the selected South-East Asian countries, this paper does not find stock prices overweight accruals but underweight accruals, and no evidence showing that accruals overweighting will occur in countries with a common law relative to a code law tradition. Using firm-level data on a country-by-country basis, this paper documents the occurrence of the anomaly in there countries, India, Thailand, and Indonesia. Using country-level data, this paper confirms that the anomaly of accruals is more likely to occur in countries providing lower shareholder protections and in countries with less important equity market. Additional analyses reveal that occurrence of accrual anomaly is mainly due to earnings management, and after controlling barriers to arbitrage, accrual anomaly is not fully arbitraged away in South-East Asian countries.

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