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Ng, C. C. A., & Shen, J. (2016). Screen Winners from Losers Using Simple Fundamental Analysis in the Pacifc-Basin Stock Markets. Pacifc-Basin Finance Journal, 39, 159-177.
https://doi.org/10.1016/j.pacfin.2016.06.003

has been cited by the following article:

• TITLE: Do Fictitiously High Asset Growth Rates Drive the Asset Growth Anomaly?

  AUTHORS: Panagiotis Artikis, Georgios Papanast Asopoulos, Evangelos Sfakianakis, Lydia Diamantopoulou

  KEYWORDS: Asset Growth, Stock Returns, Earnings Manipulation, Mispricing

  JOURNAL NAME: Theoretical Economics Letters, Vol.13 No.3, June 30, 2023

  ABSTRACT: Purpose: This paper investigates whether the well-documented asset growth anomaly can be related to information uncertainty due to earnings management. Design/Methodology/Approach: We perform both portfolio-based and regression-based analyses. We employ the 5 Variable Version of the Beneish model (Beneish, 1999) as an earnings management proxy and Piotroski’s (2000) FSCORE as a proxy for firms’ fundamental strength. Findings: Overall, our evidence suggests that the asset growth anomaly can be driven by high asset growth firms, manipulating their accounting figures. Originality: Given the implicit inferences that attribute the phenomenon to earnings management mainly by employing country-level proxies, we provide new insights by employing variables measured at the firm level.