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ABSTRACT. Chang et al. maintain that the patterns of lower investment-cash flow sensitivities and higher cash-cash flow sensitivities of financially constrained firms are necessarily interrelated because investment and the change in cash balance are two major competing uses of funds. Ahmed and Goodwin claim that there is little empirical evidence on the market's valuation of earnings restatements because of other reasons, such as accounting policy changes, and the effect of restatements on financial performance measures other than market returns. Tee et al. write that although managers consider accurate, timely and relevant information as critical to the quality of their decisions, evidence of large variations in data quality abounds.

 

ELENA-DOINA DASCALU
 
 
 

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