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Has Regulation G Improved the Information Quality of Non-GAAP Earnings Disclosures?

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Authors
YI, HAN
Issue Date
2012-12
Publisher
College of Business Administration (경영대학)
Citation
Seoul Journal of Business, Vol.18 No.2, pp. 95-145
Keywords
Non-GAAP (Pro-forma) EarningsRegulation GSarbanes-Oxley Act of 2002Strategic DisclosuresEarnings Informativeness
Abstract
Based on hand-collected non-GAAP earnings disclosures from 2001 to mid 2004, this paper finds that firms with communication motives, proxied by historically low returns-GAAP earnings relation, are more likely to disclose non-GAAP earnings in the post-Reg G period than in the pre-Reg G period. In contrast, firms with opportunistic motives, proxied by GAAP loss and negative GAAP EPS changes, are less likely to disclose non-GAAP earnings in the post-Reg G period than in the pre-Reg G period. With additional test results, the findings of this paper appear consistent with Congress and the SECs intervention in pro-forma reporting practices resulting in improvements in the quality of information provided in non-

GAAP earnings disclosures.
ISSN
1226-9816
Language
English
URI
https://hdl.handle.net/10371/80776
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of Business (SJB)Seoul Journal of Business Volume 18, Number 1/2 (2012)
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