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Keywords: the CAPM
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Journal Articles
Journal of Financial Reporting (2016) 1 (1): 15–32.
Published: 01 March 2016
...Christopher S. Armstrong; Daniel J. Taylor; Robert E. Verrecchia ABSTRACT We extend the CAPM to a setting where a firm reports earnings prior to selling shares to investors. We show that an entrepreneur, as representative of a firm's initial owners, will choose to report earnings...