volatility of underlying firm performance over time, suggesting that “low” accruals quality is not necessarily a product of a … volatility is robust across different regions of the world and different business environments. Overall, our evidence suggests …

We develop a model of the political consequences of public income volatility. As is standard, political incentives … create inefficient policies, but we show that making income uncertain creates specific new effects. Future volatility reduces … policy less costly. We show how this model can help think about the connection between volatility and economic growth and in …