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Why do managers voluntarily issue cash flow forecasts?: discussion

Author: Monahan, Steven J. INSEAD Area: Accounting and ControlIn: Journal of Accounting Research, vol. 44, no. 2, May 2006 Language: EnglishDescription: p. 431-436.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: I discuss the difference between studies that focus on ex post disclosure choices (i.e., situations in which management makes disclosure decisions that are contingent on the nature of the information) and ex ante disclosure policy (i.e., situations in which management commits to a particular disclosure strategy before knowing the nature of the information). The primary issue is that in an ex post setting it is very difficult to say anything about the economic consequences whereas studies of ex ante commitments shed more light on the issue of efficiency.
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INSEAD Article Europe Campus
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I discuss the difference between studies that focus on ex post disclosure choices (i.e., situations in which management makes disclosure decisions that are contingent on the nature of the information) and ex ante disclosure policy (i.e., situations in which management commits to a particular disclosure strategy before knowing the nature of the information). The primary issue is that in an ex post setting it is very difficult to say anything about the economic consequences whereas studies of ex ante commitments shed more light on the issue of efficiency.

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