Niskanen, Jyrki; Keloharju, Matti - In: European Accounting Review 9 (2000) 3, pp. 443-452
Finnish firms are known to manage earnings downwards to avoid income taxes. This study suggests that they simultaneously manage earnings upwards in a smaller scale. The idea behind this behaviour is that humans may perceive a profit of, say, 301 million as abnormally larger than a profit of 298...
