Utilize este identificador para referenciar este registo: http://hdl.handle.net/10071/13357
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dc.contributor.authorGuillamon-Saorin, E.-
dc.contributor.authorIsidro, H.-
dc.contributor.authorMarques, A.-
dc.date.accessioned2017-05-15T14:22:16Z-
dc.date.available2017-05-15T14:22:16Z-
dc.date.issued2017-
dc.identifier.issn0306-686X-
dc.identifier.urihttp://hdl.handle.net/10071/13357-
dc.description.abstractWe study the market's reaction to the disclosure of non-GAAP earnings measures that are combined with high impression management. We construct an impression management score that captures several communication techniques that managers often use to positively bias investors’ perceptions of firm's performance. We hand-collect and code both quantitative and qualitative information from earnings announcement press releases of large European firms. Our results indicate that non-GAAP measures are informative to capital markets. However, non-GAAP adjustments are more persistent when accompanied by higher levels of impression management. This evidence is consistent with managers attempting to distort users’ perceptions when non-GAAP adjustments are of lower quality. Market reaction tests suggest that investors are able to see through managers’ intentions and discount non-GAAP information that is accompanied by high impression management. Moreover, investors in more sophisticated markets penalize non-GAAP measures communicated with high impression management. Our results are robust to a battery of sensitivity tests, including using a machine-coded tone measureeng
dc.language.isoeng-
dc.publisherWiley-
dc.relationinfo:eu-repo/grantAgreement/FCT/3599-PPCDT/103770/PT-
dc.relationSEJ2007-67582-C02-02/ECON-
dc.relation2014/00452/001-
dc.relationECO2010-19314-
dc.relationinfo:eu-repo/grantAgreement/FCT/5876/147442/PT-
dc.relationSEJ2008-00059-003-
dc.rightsopenAccesspor
dc.subjectAlternative performance measureseng
dc.subjectDisclosure toneeng
dc.subjectEmphasiseng
dc.subjectPro forma earningseng
dc.subjectShareholder protectioneng
dc.subjectSophisticated investorseng
dc.subjectStreet earningseng
dc.titleImpression management and non-GAAP disclosure in earnings announcementseng
dc.typearticle-
dc.pagination448 - 479-
dc.publicationstatusPublicadopor
dc.peerreviewedyes-
dc.journalJournal of Business Finance and Accounting-
dc.distributionInternacionalpor
dc.volume44-
dc.number3-4-
degois.publication.firstPage448-
degois.publication.lastPage479-
degois.publication.issue3-4-
degois.publication.titleImpression management and non-GAAP disclosure in earnings announcementseng
dc.date.updated2019-04-01T13:00:41Z-
dc.description.versioninfo:eu-repo/semantics/acceptedVersion-
dc.identifier.doi10.1111/jbfa.12238-
dc.subject.fosDomínio/Área Científica::Ciências Sociais::Economia e Gestãopor
iscte.subject.odsIndústria, inovação e infraestruturaspor
iscte.identifier.cienciahttps://ciencia.iscte-iul.pt/id/ci-pub-33345-
iscte.alternateIdentifiers.wosWOS:000399943500004-
iscte.alternateIdentifiers.scopus2-s2.0-85015155414-
Aparece nas coleções:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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