The trend of pro forma (non-GAAP) reporting has made it increasingly difficult for financial analysts and investors to evaluate company performance. This study investigates how pro forma reporting affects analysts’ judgments in a non-US experimental setting. The results show that analysts who...

Standard setters put much effort into the development of 'better' financial reporting standards, i.e. standards that more accurately capture the economic substance of business activities. However, the more sophisticated accounting treatments caused by new standards, and growing complexity of...

The purpose of this paper is to investigate the way institutional investors use information for equity-investment purposes, and to discuss the implications that this may have for the role of these investors as owners of public companies. On the basis of an empirical study, the paper reports that...

The relationship between news and investor actions, manifested in stock price changes and changes in trading volume, has been intensely studied within the area of market-based accounting research (MBAR). This paper discusses the causes of investor actions on the basis of a case study of a large...

The purpose of this paper is to make a quantitative comparative analysis of differences between Swedish accounting practice and US GAAP. The empirical data consisted of eighty-four US GAAP reconciliations of income statements and shareholders' equity, disclosed in Swedish annual reports during...