May 06, 2014
12:30 PM - 2:00 PM

Acctg. Seminar: Christopher Armstrong (Wharton)

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We generalize the CAPM to a setting where a regulator requires ?rms to report earningsbefore their shares are publicly traded but does not specify the reporting system that maps economic income into reported earnings. We show that under fairly mild conditions, a risk-averse entrepreneur (as representative of the initial owners of the ?rm) will endogenously choose a reporting system where repo...

For more information please e-mail Jeffrey Jullich