Is earnings management sensitive to discount rates?
研究了折现率是否影响管理者进行盈余管理的决策，发现折现率越高，管理者越倾向于增加利润，但经济影响程度适中。
We argue that managers’ choice to manage earnings depends on the trade-off in the present value of expected future net benefits associated with that choice. Specifically, we examine if discount rates are associated with the likelihood that managers engage in earnings management to meet or beat various earnings targets. We find that discount rates are positively associated with income-increasing earnings management. This means that managers increase both accrual-based and real earnings management when discount rates are higher. However, the economic magnitude of this association is relatively moderate.