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Do managers define non-GAAP earnings to meet or beat analyst forecasts?

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  1. Akbas, Ferhat & Markov, Stanimir & Subasi, Musa & Weisbrod, Eric, 2018. "Determinants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System," Journal of Financial Economics, Elsevier, vol. 127(2), pages 366-388.
  2. Hou, Qingsong & Li, Weifang & Teng, Min & Hu, May, 2022. "Just a short-lived glory?The effect of China's anti-corruption on the accuracy of analyst earnings forecasts," Journal of Corporate Finance, Elsevier, vol. 76(C).
  3. Hangsoo Kyung & Jeff Ng & Yong George Yang, 2021. "Does the use of non‐GAAP earnings in compensation contracts lead to excessive CEO compensation? Efficient contracting versus managerial power," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 841-868, May.
  4. Chen, Tai-Yuan & Zhang, Guochang & Zhou, Yi, 2018. "Enforceability of non-compete covenants, discretionary investments, and financial reporting practices: Evidence from a natural experiment," Journal of Accounting and Economics, Elsevier, vol. 65(1), pages 41-60.
  5. Theodore E. Christensen & Hang Pei & Spencer R. Pierce & Liang Tan, 2019. "Non-GAAP reporting following debt covenant violations," Review of Accounting Studies, Springer, vol. 24(2), pages 629-664, June.
  6. Allison Koester & Russell Lundholm & Mark Soliman, 2016. "Attracting Attention in a Limited Attention World: Exploring the Causes and Consequences of Extreme Positive Earnings Surprises," Management Science, INFORMS, vol. 62(10), pages 2871-2896, October.
  7. Bond, David & Czernkowski, Robert & Lee, Yong-Suk & Loyeung, Anna, 2017. "Market reaction to non-GAAP earnings around SEC regulation," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(3), pages 193-208.
  8. Timothy A. Seidel & Chad A. Simon & Nathaniel M. Stephens, 2020. "Management bias across multiple accounting estimates," Review of Accounting Studies, Springer, vol. 25(1), pages 1-53, March.
  9. Sascha B. Herr & Peter Lorson & Jochen Pilhofer, 2022. "Alternative Performance Measures: A Structured Literature Review of Research in Academic and Professional Journals," Schmalenbach Journal of Business Research, Springer, vol. 74(3), pages 389-451, September.
  10. Dan Dacian Cuzdriorean, 2013. "Most Recent Findings In Earnings Management Area: Interesting Insights From Traditionally Top 5 Leading Accounting Journals," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(15), pages 1-5.
  11. Liu, Junjun, 2024. "Macroeconomic uncertainty and non-GAAP disclosure," Finance Research Letters, Elsevier, vol. 60(C).
  12. Xia, Hui & Lin, Shu & Li, Shuo & Bardhan, Indranil, 2024. "The effect of audit committee financial expertise on earnings management tactics in the post-SOX era," Advances in accounting, Elsevier, vol. 64(C).
  13. Theodore E. Christensen & Enrique Gomez & Matthew Ma & Jing Pan, 2021. "Analysts’ role in shaping non-GAAP reporting: evidence from a natural experiment," Review of Accounting Studies, Springer, vol. 26(1), pages 172-217, March.
  14. Shiah-Hou, Shin-Rong, 2021. "The relation between non-GAAP earnings and accounting restatements: Evidence after regulation G," Advances in accounting, Elsevier, vol. 55(C).
  15. Florian Meier, 2020. "The Age of Cheap Money and Passive Investing: Are Pro Forma Earnings Value Relevant?," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(2), pages 1-1.
  16. Khrystyna Bochkay & Stan Markov & Musa Subasi & Eric Weisbrod, 2022. "The Roles of Data Providers and Analysts in the Production, Dissemination, and Pricing of Street Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 60(5), pages 1695-1740, December.
  17. Carol Anilowski Cain & Kalin S. Kolev & Sarah McVay, 2020. "Detecting Opportunistic Special Items," Management Science, INFORMS, vol. 66(5), pages 2099-2119, May.
  18. Shanshan Pan & Michael Lacina & Haeyoung Shin, 2019. "Income Classification Shifting and Financial Analysts’ Forecasts," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 22(02), pages 1-48, June.
  19. Claudia Arena & Simona Catuogno & Nicola Moscariello, 2021. "The unusual debate on non-GAAP reporting in the current standard practice. The lens of corporate governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(3), pages 655-684, September.
  20. Visani, Franco & Di Lascio, F. Marta L. & Gardini, Silvia, 2020. "The impact of institutional and cultural factors on the use of non-GAAP financial measures. International evidence from the oil and gas industry," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 40(C).
  21. Gaelle Lenormand & Hoang Nguyen & Lionel Touchais, 2023. "The information content of alternative performance measures in the European context [Le contenu informationnel des indicateurs alternatifs de performance dans le contexte européen]," Post-Print hal-04672673, HAL.
  22. Sherry Fang Li, 2019. "Capital Market Consequences Of Expectations Management In The Postregulation Fair Disclosure Period," Accounting & Taxation, The Institute for Business and Finance Research, vol. 11(1), pages 11-20.
  23. Grégoire Davrinche & Guillaume Dumas & Isabelle Martinez, 2017. "Résultats non-GAAP et opportunisme des dirigeants," Post-Print hal-03948521, HAL.
  24. Minkwan Ahn & Samuel B. Bonsall & Andrew Buskirk, 2019. "Do managers withhold bad news from credit rating agencies?," Review of Accounting Studies, Springer, vol. 24(3), pages 972-1021, September.
  25. Chii-Shyan Kuo & Chandra Subramaniam & Xu Wang & Shih-Ti Yu, 2020. "Adoption of performance-vested equity incentives under investor pressure: window dressing or taking the window of opportunity?," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 565-587, February.
  26. Hilary, Gilles & Hsu, Charles & Segal, Benjamin & Wang, Rencheng, 2016. "The bright side of managerial over-optimism," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 46-64.
  27. Zachary Kaplan & Xiumin Martin & Yifang Xie, 2021. "Truncating Optimism," Journal of Accounting Research, Wiley Blackwell, vol. 59(5), pages 1827-1884, December.
  28. Jared Jennings & Hojun Seo & Mark T. Soliman, 2020. "The market’s reaction to changes in relative performance rankings," Review of Accounting Studies, Springer, vol. 25(2), pages 672-725, June.
  29. Kyung, Hangsoo & Lee, Hakyin & Marquardt, Carol, 2019. "The effect of voluntary clawback adoption on non-GAAP reporting," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 175-201.
  30. Charitou, Andreas & Floropoulos, Nikolaos & Karamanou, Irene & Loizides, George, 2018. "Non-GAAP Earnings Disclosures on the Face of the Income Statement by UK Firms: The Effect on Market Liquidity," The International Journal of Accounting, Elsevier, vol. 53(3), pages 183-202.
  31. Hsu, Charles & Wang, Rencheng & Whipple, Benjamin C., 2022. "Non-GAAP earnings and stock price crash risk," Journal of Accounting and Economics, Elsevier, vol. 73(2).
  32. Hong, Philip Keejae & Lee, Sam & Mynatt, Patricia & Ramakrishnan, Ram, 2019. "The value relevance of timely information: The case of comparable store sales growth," Advances in accounting, Elsevier, vol. 44(C), pages 10-21.
  33. William Grieser & Charles J. Hadlock & Joshua R. Pierce, 2021. "Doing good when doing well: evidence on real earnings management," Review of Accounting Studies, Springer, vol. 26(3), pages 906-932, September.
  34. Mariela Carvajal & David H. Lont & Tom Scott, 2022. "Non‐GAAP Earnings Disclosure Trends in New Zealand," Australian Accounting Review, CPA Australia, vol. 32(1), pages 19-35, March.
  35. Arif, Salman & Marshall, Nathan & Yohn, Teri Lombardi, 2016. "Understanding the relation between accruals and volatility: A real options-based investment approach," Journal of Accounting and Economics, Elsevier, vol. 62(1), pages 65-86.
  36. Shiah-Hou, Shin-Rong & Teng, Yi-Yun, 2016. "The informativeness of non-GAAP earnings after Regulation G?," Finance Research Letters, Elsevier, vol. 18(C), pages 184-192.
  37. Dirk E. Black & Ervin L. Black & Theodore E. Christensen & Kurt H. Gee, 2022. "Comparing Non-GAAP EPS in Earnings Announcements and Proxy Statements," Management Science, INFORMS, vol. 68(2), pages 1353-1377, February.
  38. Yang, Yiru & Abeysekera, Indra, 2019. "Duration of equity overvaluation and managers’ choice to use aggressive underlying earnings disclosure and accrual-based earnings management: Australian evidence," Journal of Contemporary Accounting and Economics, Elsevier, vol. 15(2), pages 167-185.
  39. Boahen, Eric & Mamatzakis, Emmanuel, 2016. "Do Religion, Corporate Governance and BIG 4 Audit Interactions Affect Misclassification?," MPRA Paper 76804, University Library of Munich, Germany.
  40. Zalata, Alaa Mansour & Roberts, Clare, 2017. "Managing earnings using classification shifting: UK evidence," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 29(C), pages 52-65.
  41. Rouen, Ethan & So, Eric C. & Wang, Charles C.Y., 2021. "Core earnings: New data and evidence," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1068-1091.
  42. Eric Lohwasser & Yaou Zhou, 2024. "Earnings Management, Auditor Changes and Ethics: Evidence from Companies Missing Earnings Expectations," Journal of Business Ethics, Springer, vol. 191(3), pages 551-570, May.
  43. Elizabeth Blankespoor & Bradley E. Hendricks & Gregory S. Miller & Douglas R. Stockbridge, 2022. "A Hard Look at SPAC Projections," Management Science, INFORMS, vol. 68(6), pages 4742-4753, June.
  44. Silvia Gardini & F. Marta L. Di Lascio & Franco Visani, 2017. "Opportunism in disclosing pro-forma indicators: rationale and contextual drivers," BEMPS - Bozen Economics & Management Paper Series BEMPS42, Faculty of Economics and Management at the Free University of Bozen.
  45. Al Mabsali, Yousuf Khamis & Hayward, Robert & Eliwa, Yasser, 2021. "Managerial tools used to meet or beat analyst forecasts: Evidence from the UK," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 43(C).
  46. Thielemann, Felix & Dinh, Tami, 2019. "Non-GAAP earnings disclosures around regulation G – The case of “implicit non-GAAP reporting”," Advances in accounting, Elsevier, vol. 46(C), pages 1-1.
  47. Bird, Andrew & Karolyi, Stephen A. & Ruchti, Thomas G., 2019. "Understanding the “numbers game”," Journal of Accounting and Economics, Elsevier, vol. 68(2).
  48. Ryan D. Guggenmos & Kristina Rennekamp & Kathy Rupar & Sean Wang, 2022. "The Relationship Between Non‐GAAP Earnings and Aggressive Estimates in Reported GAAP Numbers," Journal of Accounting Research, Wiley Blackwell, vol. 60(5), pages 1915-1945, December.
  49. Wolfgang Ballwieser, 2019. "Überlegungen zu Theorie und Praxis der Finanzberichterstattung: Herausforderungen, Erkenntnisse und Lücken [Reflections on Theory and Practice of Financial Reporting: Challenges, Scientific Finding," Schmalenbach Journal of Business Research, Springer, vol. 71(2), pages 169-211, July.
  50. Jarva, Henry & Kallunki, Juha-Pekka & Livne, Gilad, 2019. "Earnings performance measures and CEO turnover: Street versus GAAP earnings," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 249-266.
  51. Charles G. Ham & Zachary R. Kaplan & Steven Utke, 2023. "Attention to dividends, inattention to earnings?," Review of Accounting Studies, Springer, vol. 28(1), pages 265-306, March.
  52. Daniel Bradley & Connie X. Mao & Chi Zhang, 2022. "Does Analyst Coverage Affect Workplace Safety?," Management Science, INFORMS, vol. 68(5), pages 3464-3487, May.
  53. Martin Nienhaus, 2022. "Executive equity incentives and opportunistic manager behavior: new evidence from a quasi-natural experiment," Review of Accounting Studies, Springer, vol. 27(4), pages 1276-1318, December.
  54. Jahani, Hamed & Abbasi, Babak & Sheu, Jiuh-Biing & Klibi, Walid, 2024. "Supply chain network design with financial considerations: A comprehensive review," European Journal of Operational Research, Elsevier, vol. 312(3), pages 799-839.
  55. Jeremiah W. Bentley & Theodore E. Christensen & Kurt H. Gee & Benjamin C. Whipple, 2018. "Disentangling Managers’ and Analysts’ Non‐GAAP Reporting," Journal of Accounting Research, Wiley Blackwell, vol. 56(4), pages 1039-1081, September.
  56. Bradshaw, Mark T. & Christensen, Theodore E. & Gee, Kurt H. & Whipple, Benjamin C., 2018. "Analysts’ GAAP earnings forecasts and their implications for accounting research," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 46-66.
  57. M. Shibley Sadique & M. Arifur Rahman, 2013. "Investor reaction to strategic emphasis on earnings numbers: An empirical study," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(3), September.
  58. Xia, Jingjing, 2023. "Redrawing the line: Narrowly beating analyst forecasts and journalists’ co-coverage choices in earnings-related news articles," Journal of Contemporary Accounting and Economics, Elsevier, vol. 19(3).
  59. Nilabhra Bhattacharya & Theodore E. Christensen & Qunfeng Liao & Bo Ouyang, 2022. "Can short sellers constrain aggressive non-GAAP reporting?," Review of Accounting Studies, Springer, vol. 27(2), pages 391-440, June.
  60. Mark A. Clatworthy & Tuan Ho & Jude Mengzhu Zhu, 2022. "Disagreement about the past: An empirical assessment of bank analysts' GAAP and non‐GAAP earnings measures," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 588-624, March.
  61. Georgakopoulos, Georgios & Gounopoulos, Dimitrios & Huang, Chen & Patsika, Victoria, 2022. "The impact of IFRS adoption on IPOs management earnings forecasts in Australia," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 48(C).
  62. Chen, Xia & Jiang, Xuejun & Lu, Louise Yi & Yu, Yangxin, 2021. "Local political corruption and Firm's non-GAAP reporting," Journal of Corporate Finance, Elsevier, vol. 70(C).
  63. Altınkılıç, Oya & Balashov, Vadim S. & Hansen, Robert S., 2019. "Investment bank monitoring and bonding of security analysts’ research," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 98-119.
  64. Oded Rozenbaum, 2019. "EBITDA and Managers' Investment and Leverage Choices," Contemporary Accounting Research, John Wiley & Sons, vol. 36(1), pages 513-546, March.
  65. Anup Srivastava, 2019. "Improving the measures of real earnings management," Review of Accounting Studies, Springer, vol. 24(4), pages 1277-1316, December.
  66. Laurion, Henry, 2020. "Implications of Non-GAAP earnings for real activities and accounting choices," Journal of Accounting and Economics, Elsevier, vol. 70(1).
  67. Sherry Fang Li & Fang Sun & Fengyun Wu, 2014. "Analyst Reactions to Expectations Management in the Post-Regulation Fair Disclosure Period," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 8(5), pages 47-58.
  68. Novia (Xi) Chen & Peng-Chia Chiu & Terry Shevlin & Jiani Wang, 2023. "Taxes in Non-GAAP Reporting: Evidence of Strategic Behavior in Selecting Tax Rates Applied to Exclusions," Management Science, INFORMS, vol. 69(5), pages 3100-3120, May.
  69. Lin, Shu & Xia, Hui Harry & Ryabova, Tatyana, 2020. "The effect of analysts’ GAAP earnings forecasts on managers’ classification shifting," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
  70. Edith Leung & David Veenman, 2018. "Non‐GAAP Earnings Disclosure in Loss Firms," Journal of Accounting Research, Wiley Blackwell, vol. 56(4), pages 1083-1137, September.
  71. Chen, Fu-Hsiang & Chi, Der-Jang & Wang, Yi-Cheng, 2015. "Detecting biotechnology industry's earnings management using Bayesian network, principal component analysis, back propagation neural network, and decision tree," Economic Modelling, Elsevier, vol. 46(C), pages 1-10.
  72. Ting Zhang & So Yean Kwack & Yi Si & Gaoliang Tian, 2023. "Non‐GAAP earnings reporting following going‐concern opinions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3217-3252, September.
  73. Paul A. Griffin & David H. Lont, 2021. "Evidence of an increasing trend in earnings surprises over the past two decades: The role of positive manager‐initiated non‐GAAP adjustments," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1525-1559, October.
  74. S. P. Kothari & Charles Wasley, 2019. "Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years," Journal of Accounting Research, Wiley Blackwell, vol. 57(5), pages 1117-1159, December.
  75. Chen, Han-Chung & Lee, Yen-Jung & Lo, Sheng-Yi & Yu, Yong, 2021. "Qualitative characteristics of non-GAAP disclosures and non-GAAP earnings quality," Journal of Accounting and Economics, Elsevier, vol. 72(1).
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