white, male, and come from higher-income families, the incorporated—as teenagers—typically scored higher on learning …

We develop a theory of income and payout smoothing by firms when insiders know more about income than outside …' expectations and underproduce to manage downward future expectations. The observed income and payout process are smooth and adjust …

We consider a setting in which insiders have information about income that outside shareholders do not, but property … rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent … with outsiders' expectations based on publicly available information rather than true income, resulting in an observed …