In this paper we examine the relation between managerial discretion in accruals and informational efficiency. We measure managerial discretion in accruals by the absolute value of discretionary accruals. Assuming that efficient prices follow a random walk, we measure informational efficiency by...

This study examines how product market competition affects firms' disclosures of their individual segments' performance. We explicitly account for different types of product market competition by distinguishing between competitors who are already active in a particular market and potential...