One consequence of the shift to fair value measurement is the emergence of voluntary disclosures in audited financial statements that question the reliability of mandated fair value information. We refer to these disclosures as reliability disavowals and address three questions: Are fair value...

There is an extensive stream of research that documents a positive association between earnings surprises and stock returns at the individual firm level. We posit that individual firms' earnings surprises have systematic and firm-specific components that differ in their persistence, implying...

U.S. and international accounting standards have mandated recognition and/or disclosure of fair value information for an increasing number of items. One consequence of this shift has been the emergence of voluntary disclosures in audited financial statements that explicitly question the...

A fundamental management accounting issue is how to incorporate decision-influencing information (e.g., an ex post state signal) into employment contracts. Our experiment examines the effects of contract framing on such information use in a principal-agent setting. In each of 40 rounds,...