I argue that external financial reporting quality has at best a 2nd order effect on firm value of U.S. publicly traded … companies and that attempts to improve a firm's external reporting quality has a 3rd order effect on these firms' value …. Recognizing that external financial reporting quality is at best a 2nd order effect on firm value imposes an important external …

Over the past two decades, the regulatory landscape for non-GAAP reporting has evolved significantly. Despite a … temporary decline in the frequency of non-GAAP reporting following Regulation G, the incidence of non-GAAP disclosure has … continued to increase steadily, leading to a current all-time high in reporting activity. This proliferation of non …

1986, only recently have firms begun to exercise that reporting choice. Adoption of MTM requires firms to immediately … smoothed such gains or losses into income over time. A novel aspect of the change is that adopting firms give up a reporting …