Are Unmanaged Earnings Always Better for Shareholders?

Are Unmanaged Earnings Always Better for Shareholders?

Arya, Anil, Glover, Jonathan C. and Sunder, Shyam, "Are Unmanaged Earnings Always Better for Shareholders?" (August 2002). Yale ICF Working Paper No. 02-37.

Abstract:

The push for increased transparency in financial reporting and corporate governance serves shareholders only up to a limit. The problem of assessing the value of transparency to shareholders is subtle because both the level and pattern of earnings can convey information. Even when earnings management conceals information, it can be beneficial to shareholders. Distinguishing between ex ante and ex post efficiency underscores the advantages of achieving a balance between transparency and privacy in corporations.

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