The role of accounting information in an era of fake news

• 成果类型: Article
• 署名作者: Liu, Betty; Moss, Austin
• 署名单位: Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2024.101764
• 发表日期: 2025
• 关键词: capital-markets; earnings; CONSEQUENCES; disclosure

摘要

We offer empirical evidence on the role of accounting information in shaping the incentives to produce fake news. We document that fake news authors strategically (1) publish their articles near earnings announcements, leveraging the widespread market attention these events attract, and (2) within the near-announcement window, avoid publishing post-announcement when investors are less susceptible to fake news due to the disclosure of accounting information. In extending our analyses to the broader accounting information environment, we find that fake news authors are less likely to target firms with more robust accounting information and elicit lower market reactions when doing so. These results highlight both ex-ante and ex-post roles that accounting information plays in safeguarding firms from financial disinformation.