... companies. Using extensive interviews together with large-sample archival analyses, we find that “mismatched” firms—those whose mandated financial reporting cycles are not aligned with their business cycles—exhibit higher levels of absolute abnormal accruals than their nonmismatched counterparts. Further...

... information from accounting data—we document a significant positive premium associated with P(R|F) estimates. The premium covaries with the news about the business cycle and aggregate failure rates. Additional tests underscore the importance of the “structure” imposed through...