...Felix Canitz; Christian Fieberg; Kerstin Lopatta; Thorsten Poddig; Thomas Walker Purpose This paper aims to hunt for the driving force behind the accrual anomaly and revisit the risk versus mispricing debate. Design/methodology/approach In sorts of stock returns on abnormal and normal accruals...

... are because of higher systematic risk or because of investors’ mispricing. For this reason, Daniel and Titman (1997) propose a test to disentangle risk from mispricing or stated differently to disentangle the factor loadings on a conditional conservatism-related factor-mimicking portfolio from...