Public and private enforcement of non-GAAP reporting

IF 3.3 3区 管理学 Q1 BUSINESS, FINANCE
Dain C. Donelson , Antonis Kartapanis , Colin Q. Koutney , Chris X. Zhao
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引用次数: 0

Abstract

This study provides evidence on the frequency and effectiveness of public and private enforcement of non-GAAP reporting. Although investors place weight on non-GAAP measures, there is little evidence on the extent and effectiveness of non-GAAP enforcement. The SEC uses comment letters to oversee non-GAAP reporting. While most firms appear to enhance future non-GAAP disclosures after receiving a comment letter, we also find that firms that receive non-GAAP comment letters are more likely than control firms to receive future non-GAAP comment letters, with the same comments often repeated. In addition, non-GAAP enforcement in the form of SEC AAERs and securities class action lawsuits is very rare. However, we find limited evidence of investor harm from managers’ non-GAAP exclusions that are incremental to analysts’ exclusions. This result suggests investors are skeptical of managers’ non-GAAP exclusions.
非公认会计准则报告的公共和私人执行
本研究提供了公共和私人执行非公认会计准则报告的频率和有效性的证据。尽管投资者重视非公认会计准则措施,但几乎没有证据表明非公认会计准则执行的程度和有效性。美国证券交易委员会使用评论信来监督非公认会计准则报告。虽然大多数公司在收到评论信后似乎会加强未来的非公认会计准则披露,但我们也发现,收到非公认会计准则评论信的公司比控股公司更有可能收到未来的非公认会计准则评论信,其中经常重复相同的评论。此外,以SEC AAERs和证券集体诉讼的形式执行非公认会计准则的情况非常罕见。然而,我们发现有限的证据表明,经理人的非公认会计准则排除对投资者造成伤害,这是分析师排除的增量。这一结果表明,投资者对基金经理的非公认会计准则排除持怀疑态度。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
4.80
自引率
2.80%
发文量
75
期刊介绍: The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.
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