This paper examines the relation between information's properties, such as reliability and relevance, and public disclosure policy. It shows that the optimal accounting system often involves a carefully balanced combination of mandatory and voluntary disclosure, with mandatory reporting focused...

This paper revisits the whys and hows of cash flows analysis. In a context of equity valuation, three aspects are considered. First, we consider why there is demand for an analysis of cash flows that complements GAAP’s income statement. The issues here pertain to the ambiguity inherent in...