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Persistent link: https://www.econbiz.de/10003988327
In an environment where capital market participants collectively possess superior information about a decision faced by a firm manager, we use an experimental market to analyze the effectiveness with which the market communicates this information to the manager through stock price. We do so in a...
Persistent link: https://www.econbiz.de/10013009692
To curb opportunism in financial reporting, scholars and regulators have proposed that firms be required to report reconciliations of prior year estimates. We provide experimental evidence that such disclosures are not sufficient for non-professional investors to identify those firms that are...
Persistent link: https://www.econbiz.de/10014224335