Earnings management and firm valuation under asymmetric information |
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Authors: | Paul K Chaney Craig M Lewis |
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Abstract: | This paper seeks to provide an explanation for why corporate officers manage the disclosure of accounting information. We show that earnings management affects firm value when value-maximizing managers and investors are asymmetrically informed. In equilibrium, the strategic management of reported earnings influences investors' assessments of the market values of companies' shares. |
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Keywords: | Earnings management Asymmetric information Accounting disclosure policies Firm valuation |
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