A Theory of Income Smoothing When Insiders Know More Than Outsiders
نویسندگان
چکیده
منابع مشابه
A Theory of Income Smoothing When Insiders Know More Than Outsiders∗
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders’ expectations based on publicly available information rather than true income, resulting in an observed income and payout process that adjust...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2015
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hhv026