Publication: Higher-Order Beliefs, Market-Based Incentives, and Information Quality
Higher-Order Beliefs, Market-Based Incentives, and Information Quality
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Chen, H., & Wenning, A. (2024). Higher-Order Beliefs, Market-Based Incentives, and Information Quality. European Accounting Review, 33(2), 569–587. https://doi.org/10.1080/09638180.2022.2109706
Abstract
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Abstract
We investigate how interdependence among investors' beliefs affects the reliance on market prices as a performance measure and how this in turn affects the firm's preference for financial reporting quality. When investors want to align their values more with other investors' beliefs, optimal contracts become more reliant on the accounting report and less on the market price, emphasizing the stewardship role of accounting in a herding market. If the baseline accounting quality required by a reporting standard is high enough, the firm p
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- Wenning, Alexander
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Citations
Chen, H., & Wenning, A. (2024). Higher-Order Beliefs, Market-Based Incentives, and Information Quality. European Accounting Review, 33(2), 569–587. https://doi.org/10.1080/09638180.2022.2109706
