This paper investigates the factors affecting the conservatism of accounting reports at the market-level and firm …-level. At the market-level, law and institutional factors explain conservatism, while at the firm-level contracting is the … driver. We predict and observe that while both levels jointly affect conservatism, it is firm-level factors that play a …

This paper investigates how conservative managers make corporate decisions. Motivated by psychology research, we use … handwritten signatures (i.e., emotionally restraint disclosure styles) as a proxy for CEO conservatism. We find that firms with … repurchase schemes. We use the same proxy for CFO conservatism. We find that CFO conservatism is a better determinant than CEO …