Consistency as a Means to Comparability: Theory and Evidence
从信息视角研究财务报表一致性如何影响可比性，发现一致性通过测量相关性产生信息溢出，但可能降低自身报告的信息量，最优一致性随交易相关性或波动性变化，实证支持理论预测。
This paper studies financial statement consistency — the purported means to comparability — from an information perspective. We model consistency as firms’ required propensity to apply common accounting methods to individual transactions and show that consistency creates information spillover through correlated measurements (“spillover channel”) while potentially reducing the informativeness of one’s own report (“standalone channel”). The model generates two central predictions. First, optimal consistency decreases with a transaction’s fundamental correlation as high correlation diminishes information gains via the spillover channel. Second, optimal consistency decreases with a transaction’s fundamental volatility as high volatility exacerbates information losses via the standalone channel. Empirical evidence supports both predictions. Overall, this paper contributes a framework for studying comparability and draws useful policy implications. This paper was accepted by Brian Bushee, accounting.