Econ Papers Daily / 期刊论文
超越盈余质量：评估公司信息披露实践的质量
Beyond earnings quality: evaluating the quality of corporate disclosure practices
摘要
We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time and discuss the practical challenges of conducting assessments of disclosure quality at the firm-quarter-disclosure level. Our descriptive analysis provides preliminary insights into whether and how voluntary disclosure quality varies across firms and highlights the interconnectedness of these disclosure practices. We discuss future research opportunities to expand and fine-tune the application of the framework to develop a comprehensive disclosure quality assessment.
中文摘要
我们提出一个框架，用以评估管理者向市场参与者传递信息时所采用的不同披露实践的信息决策有用性。我们展示了该框架在非公认会计原则盈利、管理层盈利指引及盈利电话会议中的应用实例。首先，我们识别每种披露实践的关键质量属性，随后制定一套质量指标清单，并将其应用于一个小型试点样本。我们侧重于易于实时衡量的指标，并讨论在企业-季度-披露层面进行披露质量评估所面临的实际挑战。我们的描述性分析初步揭示了自愿性披露质量是否以及如何在企业间存在差异，并强调了这些披露实践之间的相互关联性。我们探讨了未来研究机会，以扩展和微调该框架的应用，旨在开发全面的披露质量评估体系。