Researchers frequently proxy for managers' non‐GAAP disclosures using performance metrics available through analyst forecast data providers (FDPs), such as I/B/E/S. The extent to which FDP‐provided earnings are a valid proxy for managers' non‐GAAP reporting, however, has been debated...

Researchers frequently proxy for managers' non-GAAP disclosures using performance metrics available through analyst forecast data providers (FDPs), such as I/B/E/S. The extent to which FDP data is a valid proxy for managers' non-GAAP reporting, however, has been debated extensively. We explore...