Stock Price Reaction to Evidence of Earnings Management: Implications for Supplementary Financial Disclosure
研究公司是否在季度盈余公告中同时披露补充资产负债表或现金流信息，如何影响投资者对盈余管理证据的反应。结果发现，当公司提供补充信息时，投资者会在公告日对盈余管理证据打折扣，表明补充信息有助于更准确地解读盈余。
We condition security price reactions to quarterly earnings announcements on whether firms disclose supplementary balance sheet and/or cashflow information that can be used to estimate the consequences of earnings management. Disclosure of supplementary information is voluntary, and thus, we consider the possibility that firms that disclose balance sheet and/or cashflow information differ systematically from firms that do not disclose. Results indicate that investors discount evidence of earnings management at the disclosure date when supplementary information is disclosed. Such results indicate more informed earnings interpretations of quarterly earnings when firms provide balance sheet and/or cashflow information concurrently.