Experience with Non-GAAP Earnings and Investors’ Pricing of Exclusions Available to Purchase

We thank Sarah L. C. Zechman (editor), two anonymous reviewers, Spencer Anderson, Mary Barth, Beth Blankespoor, Richard Cazier, Ross Jennings, Charles Lee, Rui Silva, Ryan Sommerfeldt, Ben Whipple, and workshop participants at the 2021 American Accounting Association Annual Meeting, Fordham University, George Mason University, Oklahoma State University, Stanford University, University of Connecticut, University of Hawaii at Manoa, University of Illinois Urbana-Champaign, The University of Iowa, University of Southampton, The University of Texas at El Paso, University of Washington, and University of Wisconsin–Madison for their constructive comments and suggestions on earlier versions of this paper.

Sarah E. McVay, University of Washington, Michael G. Foster School of Business, Department of Accounting, Seattle, WA, USA; Edgar A. Rodriguez-Vazquez, Baruch College–CUNY, Zicklin School of Business, Stan Ross Department of Accountancy, New York, NY, USA; Sara M. Toynbee, The University of Texas at Austin, McCombs School of Business, Department of Accounting, Austin, TX, USA.

Editor’s note: Accepted by Sarah L. C. Zechman, under the Senior Editorship of W. Robert Knechel.