Very few studies analyze the long term educational effects of private secondary school students while controlling for their socioeconomic status. In Quebec, the second most populous Canadian province, twenty percent of students at this level are enrolled in private schools subsidized by the...

While it is generally maintained that earnings management can occur to inform as well as to mislead, evidence that earnings management informs has been scarce, and evidence that credibility increases with signal costliness inexistent. We provide evidence that firms use discretion over financial...