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We propose a stock\u2010price\u2010based measure for assessing the quality of earnings quality measures. We predict that firms with higher earnings quality will be less mispriced than other firms. Mispricing is measured by the difference of the mean absolute excess returns of portfolios formed on high and low values of a measure. We examine persistence, predictability, two measures of smoothness, abnormal accruals, accruals quality, earnings response coefficient and value relevance. For a large sample of US non\u2010financial firms over the period 1988\u20132007, we show that all measures except for smoothness are negatively associated with absolute excess returns, suggesting that smoothness is generally a favorable attribute of earnings. Accruals measures generate the largest spread in absolute excess returns, followed by smoothness and market\u2010based measures. These results lend support to the widespread use of accruals measures as overall measures of earnings quality in the literature.<\/jats:p>","DOI":"10.1111\/jbfa.12071","type":"journal-article","created":{"date-parts":[[2014,4,19]],"date-time":"2014-04-19T07:12:27Z","timestamp":1397891547000},"page":"545-571","source":"Crossref","is-referenced-by-count":87,"title":["Earnings Quality Measures and Excess Returns"],"prefix":"10.1111","volume":"41","author":[{"given":"Pietro","family":"Perotti","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Alfred","family":"Wagenhofer","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2014,4,19]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-679X.2005.00185.x"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.02.002"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.1016\/S1386-4181(01)00024-6"},{"key":"e_1_2_9_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2009.12.002"},{"key":"e_1_2_9_6_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2000.75.1.43"},{"key":"e_1_2_9_7_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-4101(97)00014-1"},{"key":"e_1_2_9_8_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.04.009"},{"key":"e_1_2_9_9_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2003.78.3.641"},{"key":"e_1_2_9_10_1","unstructured":"Brousseau C.andZ.Gu(2012) \u2018How Is Accruals Quality Priced by the Stock Market?\u2019 Working paper (Qu\u00e9bec Canada\/Minneapolis MN: Laval University\/University of Minnesota)."},{"key":"e_1_2_9_11_1","doi-asserted-by":"crossref","unstructured":"Burgstahler D.andE.Chuk(2010) \u2018Earnings Precision and the Relations Between Earnings and Returns\u2019 Working Paper (Seattle WA\/Los Angeles LA: University of Washington\/University of Southern California).","DOI":"10.2139\/ssrn.1119400"},{"key":"e_1_2_9_12_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"e_1_2_9_13_1","doi-asserted-by":"publisher","DOI":"10.1017\/S002210901200018X"},{"key":"e_1_2_9_14_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-5957.2011.02274.x"},{"key":"e_1_2_9_15_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2007.08.001"},{"key":"e_1_2_9_16_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03806.x"},{"key":"e_1_2_9_17_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00077"},{"key":"e_1_2_9_18_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00350"},{"key":"e_1_2_9_19_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2002.77.s-1.35"},{"key":"e_1_2_9_20_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2010.09.001"},{"key":"e_1_2_9_21_1","volume-title":"Earnings Quality","author":"Dechow P. 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