作者：Wen Li, Huai Zhang
关键字：Accountingconservatism;Proformaearnings;Voluntarydisclosures
摘要/Abstract
We hypothesize that accounting conservatism,defined as the asymmetric verifiability required for the recognition of accounting gains versus losses, reduces managerial incentives to issue opportunistic voluntary disclosures. Using hand collected data on voluntary proforma disclosures, wetestthis hypothesis empirically and obtain supportive evidence. Specifically, we show that,relative to firms with more conservative accounting, firms with less conservative accounting experience a decline in the likelihood of issuing proform a earning safter Regulation G,they are more likely to increase proform a earnings and reverse GAAP misse so fearnings benchmarks by excluding non-specialitems, and their proform a excluded items tend to be of lower quality. Our inferences remain robust after we use several approaches to control fortheen do geneity of accounting conservatism.
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