Cheng, Xiaoyan; Smith, David - In: Review of Quantitative Finance and Accounting 40 (2013) 4, pp. 591-621
The SFAS 123R comment process generated over 6,500 comment letters, most of which were against the standard’s enactment. This outpouring of emotion indicates that many believe that disclosure versus recognition matters. Our paper provides evidence for the debate whether managers’ discretion,...
