The relationship between the management of and donors to a not-for-profit firm is an example of a situation with information asymmetry. This study examines whether it is possible for nonprofit managers to increase donations received if they provide signals to convey the efficiency and...

The disclosure of non-GAAP (pro forma) earnings numbers by managers in the post-SOX era continues to attract attention from regulators, media, and researchers. However, there is limited empirical evidence on how auditors view clients that emphasize pro forma earnings over GAAP earnings. We study...