ABSTRACT Using the percent accrual measure proposed by Hafzalla, N., Lundholm, R., & Van Winkle, M. (2011. Percent accruals. The Accounting Review, 86, 209–236), we empirically evaluate the predictions of earnings fixation hypothesis and limits to arbitrage hypothesis on the accrual anomaly in the U.K. stock market. We show a strong negative relation of percent accruals with future profitability and stock returns. We find that the effect of percent accruals on future earnings and stock price performance is stronger across loss firms relative to profit firms. Furthermore, we show that the effect of percent accruals on stock returns is more pronounced for micro stocks relative to small stocks, while it doesn’t occur across big stocks. Overall, we conclude that earnings fixation is a key factor in explaining the occurrence of the percent accrual anomaly, while limits to arbitrage are of great significance in explaining the persistence of the anomaly.

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应计百分比和应计异常：来自英国的证据

摘要使用Hafzalla，N.，Lundholm，R.和Van Winkle，M.（2011.应计百分比。AccountingReview，86，209-236）提出的应计百分比度量，我们对收益固定假设的预测进行实证评估。并限制了英国股市应计异常的套利假设。我们显示应计百分比与未来获利能力和股票收益之间存在强烈的负相关关系。我们发现相对于利润公司，应计百分比对未来收益和股价表现的影响在亏损公司中更强。此外，我们表明，相对于小额股票，微型股票相对于小额股票，应计百分比对股票收益的影响更为明显，而在大额股票中则没有。总体，