Accruals and value-glamour anomalies, mainly classified into the field of accounting and finance, respectively, are ongoing debating issues till now. We decompose market-to-book ratio into three parts, including mispricing, accounting conservatism, and investment opportunities, and it is found that there is a link between investment-related and nontransaction accruals, which are divided from total accruals by Lewellen and Resutek (2016). This study tests the correlation between the two anomalies, and further verifies the mispricing and risk explanations of this anomaly. The results show that the market mispricing is the main component of the market-to-book ratio and the accruals anomaly is the glamour stock phenomenon in disguise. Mispricing and risk both are the reasons why accruals and market-to-book ratio can predict future stock return.