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| Author: | Bloomfield, R. |
| Title: | The interdependence of reporting discretion and informational efficiency in laboratory markets |
| Journal: | Accounting Review
1996 : OCT, VOL. 71:4, p. 493-512 |
| Index terms: | ACCOUNTING REVIEW REPORTING |
| Language: | eng |
| Abstract: | This study uses laboratory markets to examine how the level of market efficiency influences managers' use of reporting discretion, and how allowing reporting discretion alters market efficiency. The results show managers that incur costs make favorable information available to more investors in less efficient markets but not in more efficient markets. Although reporting discretion does not change market price levels, it causes the markets to under-react to public information, apparently because investors overestimate the degree to which a favourable public signal indicates that the public signal was deflated. |
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