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- November 2020
- Article
Casting Conference Calls
By: Lauren Cohen, Dong Lou and Christopher J. Malloy
We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on...
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- 2018
- Article
The Role of Overbilling in Hospitals' Earnings Management Decisions
By: Jonas Heese
This paper examines the role of overbilling in hospitals’ earnings management choices. Overbilling by hospitals is a form of revenue manipulation that involves misclassifying a patient into a diagnosis-related group that yields higher reimbursement. As overbilling...
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- 2017
- Working Paper
Economic Uncertainty and Earnings Management
By: Luke C.D. Stein and Charles C.Y. Wang
In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document empirically that when financial markets are less certain about a firm's...
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- 2012
- Working Paper
Earnings Management from the Bottom Up: An Analysis of Managerial Incentives Below the CEO
By: Felix Oberholzer-Gee and Julie Wulf
Performance-based pay is an important instrument to align the interests of managers with the interests of shareholders. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm's reported earnings. The...
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