Idiosyncratic Return Volatility and the Information Quality Underlying Managerial Discretion
研究了1978至2009年间特质性收益波动变化的原因，发现其归因于自由裁量应计波动以及应计与盈余的相关性，反映了信息质量，对理解管理者自由裁量权的影响有参考价值。
Abstract Variation in idiosyncratic return volatility from 1978 to 2009 is attributable to discretionary accrual volatility and the correlation between premanaged earnings and discretionary accruals reflective of information quality across firms. These results are robust to controls for firm operating uncertainty, growth options, business-cycle variations, and firm age and industry effects, and they highlight the importance of managerial discretion in determining idiosyncratic volatility.