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Managerial optimism and earnings smoothing

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  • Bouwman, Christa H.S.

Abstract

This paper empirically examines how CEO optimism affects earnings smoothing and earnings surprises. The main finding is that optimistic managers smooth earnings more than rational managers and are associated with smaller (in absolute value) earnings surprises. A possible theoretical explanation is offered for these results based on a combination of the “torpedo effect,” the innate behavior of optimists, and the risk of litigation/prosecution for over-reporting earnings.

Suggested Citation

  • Bouwman, Christa H.S., 2014. "Managerial optimism and earnings smoothing," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 283-303.
    • Handle: RePEc:eee:jbfina:v:41:y:2014:i:c:p:283-303
    DOI: 10.1016/j.jbankfin.2013.12.019
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    More about this item

    Keywords

    Smoothing; Earnings surprise; Earnings management; Behavioral;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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