The trend of pro forma (non-GAAP) reporting has made it increasingly difficult for financial analysts and investors to evaluate company performance. This study investigates how pro forma reporting affects analysts’ judgments in a non-US experimental setting. The results show that analysts who...

This paper describes the results of an empirical study of information use in eight institutional investor organizations during their equity investment decision processes. The study differs from prior studies in that it is based on real-world investment decisions and uses an inductive analysis...