Manipulation and obfuscation of financial reports

Anecdotally, not all investors are able to read and understand the financial report. I consider a strategic reporting game where bounded rational only pay attention randomly sampled parts of report then extrapolate value firm based on this. The manager can both obfuscate bias Obfuscation works by disaggregating into any number line items, modeled as nonnegative signals, whose mean is constrained be equal biased profitability firm. There synergies between biasing obfuscation, causing statements less transparent more when extrapolative.