* 현재 컨텐츠 정보를 준비 중에 있습니다.

[닫기]

  We examine discrepancies over the classification of earnings components between non-GAAP earnings reported by management and recurring earnings defined by Thomson Datastream. Disagreements center on operating items and discontinued operations where the firm-specific nature of gains and losses combined with poor disclosure create confusion over the persistence of certain items. Decomposing net disagreements, we find that management reverse Thomson exclusions almost twice as often as they exclude additional items beyond those omitted by Thomson. Incremental management exclusions beyond Thomson are value irrelevant, indicating that management identify additional transitory earnings components overlooked by Thomson. Management reversals of Thomson exclusions are incrementally value relevant, suggesting that management correctly identify and retain recurring earnings components misclassified by Thomson as transitory. Overall, our results suggest that disagreement between management and Thomson typically reflects management’s superior ability to correctly classify earnings components.

[닫기]