The Economic Implications of Corporate Financial Reporting

Abstract

NBER WORKING PAPER SERIES THE ECONOMIC IMPLICATIONS OF CORPORATE FINANCIAL REPORTING John R. Graham Campbell R. Harvey Shiva Rajgopal Working Paper 10550 http://www.nber.org/papers/w10550 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2004 We thank the following people for suggestions about survey and interview design: Sid Balachandran, Phil Berger, Robert Bowen, Shuping Chen, Hemang Desai, Julie Edell, Gavan Fitzsimons, Michelle Hanlon, Frank Hodge, Jim Jiambalvo, Bruce Johnson, Jane Kennedy, Lisa Koonce, SP Kothari, Mark Leary, Baruch Lev, Bob Libby, John Lynch, John Martin, Dawn Matsumoto, Ed Maydew, Jeff Mitchell, Mort Pincus, Jim Porteba, Brian Turner, Terry Shevlin, Doug Skinner, K.R. Subramanyam, and especially Mark Nelson. We have also benefited from useful discussions with Michael Jensen. A special thanks to Chris Allen, Cheryl de Mesa Graziano, Dave Ikenberry, Jim Jiambalvo and Jennifer Koski, who helped us administer the survey and arrange some interviews. Mark Leary provided excellent research support, Andrew Frankel provided editorial assistance, and Tara Bowens and Anne Higgs provided data entry support. We thank Gary Previts, Josh Ronen, Shiva Shivakumar and seminar participants at Case Western University, Duke University, National Forum on Corporate Finance and the University of Washington for comments. Finally, we thank the financial executives who generously allowed us to interview them or who took time to fill out …

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