Consensus Information and Nonprofessional Investors’ Reaction to the Revelation of Estimate Inaccuracies
实验发现，要求公司披露前期估计的调整信息不足以帮助非专业投资者识别机会主义行为，但若他们同时了解同行业其他公司的估计准确性（共识信息），则能增强披露价值。
ABSTRACT: To curb opportunism in financial reporting, researchers and regulators have proposed that firms be required to report reconciliations of prior year estimates. We provide experimental evidence that such disclosures are not sufficient for nonprofessional investors to identify firms that are opportunistic in their estimates. We also offer evidence suggesting that the value of these disclosures can be enhanced when nonprofessional investors seek out information about the estimate accuracy of other firms in the industry (i.e., consensus information). Our study provides insights about these disclosures and the mechanisms that enhance their effectiveness. Our findings have broad implications for standard-setters and future research designed to assist in identifying opportunistic management behavior.