Accounting anomalies and fundamental analysis: A review of recent research advances

Scott Richardson, Irem Tuna, Peter Wysocki

Research output: Contribution to journalArticlepeer-review

157 Scopus citations


We survey recent research in accounting anomalies and fundamental analysis. We use forecasting of future earnings and returns as our organizing framework and suggest a roadmap for research aiming to document the forecasting benefits of accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key clusters of papers about accounting anomalies and fundamental analysis disseminated over the last decade. Finally, we provide a new analysis on how an ex ante and ex post treatment of risk and transaction costs affects the accrual and PEAD anomalies, and offer suggestions for future research.

Original languageEnglish (US)
Pages (from-to)410-454
Number of pages45
JournalJournal of Accounting and Economics
Issue number2-3
StatePublished - Dec 1 2010


  • Accruals
  • Anomalies
  • Forecasting
  • Fundamental analysis
  • Market efficiency
  • Risk

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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