We study the determinants of losses and their increased frequency over time to understand their implications for the use of financial statements in valuation. We find the properties of losses change between 1971-2000 both in terms of the cash flow and accruals components. Departing from prior...

This study examines the tax reporting consequences of financial reporting discretion. Using a matched sample of financial statements with tax returns, I provide estimates of the accuracy of tax return information inferred from financial statements. To examine the tradeoffs between financial and...

This study examines the tax reporting consequences of financial reporting discretion. Using a matched sample of financial statements with tax returns, I provide estimates of the accuracy of tax return information inferred from financial statements. To examine the tradeoffs between financial and...