I Nformation B Ias and D Isclosure
نویسنده
چکیده
We examine the impact of biases in managerial judgment and in accounting reports on the voluntary disclosure of private managerial information. We show that any biased managerial judgment in interpreting private information that is voluntarily disclosed, and negatively biased accounting (conservatism), reduce voluntary timely disclosure by firms. Only positively biased (less conservative) accounting increases voluntary disclosure by firms. Contrary to conventional wisdom, negative accounting biases, instead of counteracting positive managerial bias, act to further reduce voluntary disclosure, and thus the supply of timely information to capital markets. Consequently, we find that freedom from bias, both in managerial judgment and in accounting, is generally desirable in that it makes firms more likely to make timely voluntary disclosures.
منابع مشابه
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