本論文對於所考量之北美和歐洲地區10個國家的股票市場，檢測以美國股票市場之股價對於應計項目持續性過度反應為特徵之應計項目異象(Sloan 1996)，是一個僅存在於美國地區的現象還是一個普遍存在於北美和歐洲地區的現象。此外，本論文探究應計項目異象的發生是否和各國在會計和制度結構的差異性有關，並驗證應計項目異象之發生的兩項主要解釋─盈餘管理和進行套利之限制。
實證結果顯示，股價對於應計項目過度反應的現象普遍而言存在於北美和歐洲地區，不過集中發生於有著不成文法之法律傳統的國家。採用公司層級資料對個別國家之Mishkin檢定結果顯示，應計項目異象發生於四個國家─美國、加拿大、英國和荷蘭。採用國家層級資料，本論文證實應計項目異象較有可能發生於有著不成文法之法律傳統、外部股東權利較弱以及股權較為分散的國家。對於應計項目異象的兩項主要解釋的實證結果顯示，在加拿大，盈餘管理以及進行套利之限制解釋了應計項目異象的發生。

This paper considers stock markets in 10 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 country differences in accounting and institutional structures, and examines two main explanations for its occurrence.
This paper finds stock prices overweight accruals in general, with accruals overweighting occurring in countries with a common law relative to a code law tradition. Using firm-level data on a country-by-country basis, our paper documents the occurrence of the anomaly in four countries: the U.S., Canada, the U.K., and the Netherlands. Using country-level data, our paper confirms the anomaly is more likely to occur in countries having a common law tradition, and also in countries having weak shareholder rights and a lower concentration of share ownership. Additional analyses reveal that, in Canada, earnings management and barriers to arbitrage explain the occurrence of accrual anomaly.

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