作者：Bertomeu, Jeremy; Cheynel, Edwige; Li, Edward Xuejun; Liang, Ying
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); University System of Georgia; Georgia State University
摘要：Although researchers often view earnings management as being widespread, measuring the cost and level of earnings management is a nontrivial task. We derive a measure of earnings management cost and the associated equilibrium level of earnings management from the cross-sectional properties of earnings and prices. This approach enables us to separate economic shocks from reporting discretion by modeling the economic tradeoff faced by management. The tradeoff can be easily estimated from a close...
作者：Siegel, Andrew F.; Wagner, Michael R.
作者单位：University of Washington; University of Washington Seattle; University of Washington; University of Washington Seattle
摘要：We consider the newsvendor model in which uncertain demand is assumed to follow a probabilistic distribution with known functional form but unknown parameters. These parameters are estimated, unbiasedly and consistently, from data. We show that the classic maximized expected profit expression exhibits a systematic expected estimation error. We provide an asymptotic adjustment so that the estimate of maximized expected profit is unbiased. We also study expected estimation error in the optimal o...
