In additon, Supattarakul and Vivattanachang (2013) use the Mishkin test to investigate the market pricing of the persistence of cash flows and accruals in Thailand during 1999–2007. Consistent with Pincus et al. (2007), their results suggest Thai stock market underprices both cash flows and total accruals persistence. Extending Supattarakul
and Vivattanachang (2013), Supattarakul (2013) empirically investigates the market pricing of cash flows, normal and abnormal accruals in Thailand during 1999–2009, using the Mishkin test, and finds that Thai stock market misprices the persistence of all three earnings components. Specifically, results indicate that Thai stock market underprices the
persistence of cash fl ows and normal accruals but overprice the abnormal accruals persistence