Table 5 Comparison between the measures...

Table 5

Comparison between the measures of conditional conservatism in bankrupt and non-bankrupt firms using matching (1987–2014)

	Mean	t-stat	Median	Wilcoxon Z
C-score
Bankrupt (N = 576)	0.2566	−14.3272***	0.2661	−13.048***
Non-bankrupt (N = 576)	0.1394		0.1493
CR
Bankrupt (N = 576)	0.4840	−0.0981	0.4192	−5.926***
Non-bankrupt (N = 576)	0.4811		0.3465
NOA
Bankrupt (N = 576)	−0.3433	−1.7591**	−0.0155	−3.153***
Non-bankrupt (N = 576)	−0.5018		−0.0770

	Mean	t-stat	Median	Wilcoxon Z
C-score
Bankrupt (N = 576)	0.2566	−14.3272***	0.2661	−13.048***
Non-bankrupt (N = 576)	0.1394		0.1493
CR
Bankrupt (N = 576)	0.4840	−0.0981	0.4192	−5.926***
Non-bankrupt (N = 576)	0.4811		0.3465
NOA
Bankrupt (N = 576)	−0.3433	−1.7591**	−0.0155	−3.153***
Non-bankrupt (N = 576)	−0.5018		−0.0770

Note(s): C-score is the firm-year measure of conservatism as in Khan and Watts (2009); CR is the conservatism ratio measure of Callen et al. (2010) computed as the earnings surprise divided by earnings news. NOA is negative cumulative non-operating accruals over the sample period deflated by beginning total assets, multiplied by negative one, as in Givoly and Hayn (2000). ***p < 0.01, **p < 0.05, *p < 0.1

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