Biases in Accounting and Nonaccounting Information: Substitutes or Complements?
研究了会计信息与非会计信息中的偏差应如何关联，发现一种信息的偏差与另一种信息的偏差是互补关系，可用于解释多种现象。
This paper studies how bias in nonaccounting and in accounting information should be related. Bias in accounting information is modeled, as in some recent literature, as an alteration in the relative information content of accounting numbers. The optimal bias in one type of information is shown to be a complement of the bias in the other type. This result can be applied in various settings to explain a number of phenomena.