| No | Author | Focus | Sample Size and Settings | Key Variables |
| 1 | | re-examines the conservatism principle. Conservatism is intepreted as capturing accountants’ tendency to require a higher degree of verification for recognizing good news than bad news in financial statements | 25,531 firm-year observations with returns data on the CRSP NYSE/AMEX Monthly data from 1963 to 1990 | earnings per share, the stock return for the firm cumulated over its fiscal year, the stock return, a dummy variable presenting the sign of return |
| 2 | | examines the disclosure of non-GAAP earnings information in quarters containing transitory gains to investigate whether the primary motivation for these managers to disclose non-GAAP earnings is to inform or mislead | 1920 firm-quarters samples with transitory gains in the form of net income increasing special items of at least one penny per share from 2004 to 2009 | Non-GAAP Earnings Information, Operating Earning, Analyst Actual, Analyst Forecast, Operating Earnings Surprise, Street Earnings Surprise, Transitory Gain, Announcement Return Filing Return, Announcement Difference , Book-to-Market Ratio , Market Value of Equity, Total Assets, Sales, Beta |
| 3 | | investigates the informational properties of pro forma earnings. This increasingly popular measure of earnings excludes certain expenses that the company deems non-recurring, non-cash, or otherwise unimportant for understanding the future value of the firm | 143,462 firm-quarter observations with sufficient Compustat, CRSP from 1988 to 1999 | pro forma earnings, operating income, GAAP earnings, special items, MTB, total assets, sales growth |
| 4 | | proposes a simple framework for understanding accounting-based stock return regularities | 51,490 observations which are all firm-quarters from Compustat quarterly data from 1985 to 2015 | firm size, stock return volatility, earning announcement return |
| 5 | | explores whether pro forma earnings, GAAP earnings, and I/B/E/S earnings are value relevant and, more important, which in comparative terms has the greatest value relevance | 1608 firm-year pro forma earnings observations from 2000 to 2004 | return, GAAP earnings, I/B/E/S earnings, price, growth, loss |
| 6 | | tests whether investors reevaluate earnings announcements in the light of post-announcement information | 12,988 firm-quarterly data | SRW earnings innovations, analyst forecast error, abnormal return |
| 7 | | explores the disclosure of non-GAAP earnings by large, publicly traded companies, and the possible impact of the 2010 change in Regulation G and S-K on corporate reporting behavior | 164 firm-year observations of companies listed in the 2014 S&P 100 from 2010 to 2016 | descriptive analysis and comparison |
| 8 | | examines the role of industry-level product market competition on non-GAAP disclosure decisions | 2161 observations that earnings announcement press releases from 2003 to 2011 | capital market incentives, industry competition, firm level controls |
| 9 | | examines the effects of intensified scrutiny over non-GAAP reporting on the quality of non-GAAP earnings exclusions | 104,954 firm-quarter observations from the 2nd calerndar quarter of 1998 through the erd calendar quarter of 2004, allowing for equal periods (13 quarters) before and after the initial SEC intervention | GAAP and non-GAAP earnings, total exclusions, special items, other excusions, future operating inc, sales growth, total assets, earnings volatility, loss, book-t0-market-assets, age |
| 10 | | examines the incremental information in loss firms’ non-GAAP earnings disclosures relative to GAAP earnings | 11,867 firm-quarters observations from CRSP/Compustat from 2006 to 2014 | total assets, earnings announcement date, income before extraordinary items, earnings per diluted share |
| 11 | | examines the prominence of non-GAAP financial measures in press releases, testing whether managers emphasize these adjusted performance measures relative to GAAP numbers in four different settings where their disclosure helps managers reach strategic earnings benchmarks on a pro forma basis when they would otherwise fall short using GAAP numbers. Moreover, this research investigates the information content of disclosures reconciling non-GAAP to GAAP earnings (and other financial statements) | 4234 observations (of which 2473 with non-GAAP disclosures) quarterly earnings press releases of 361 firms listed on the S&P500 from 2001 to 2003 | Difference in prominence of the non-GAAP measure minus prominence of the GAAP measure |
| 12 | | examines the effect of two Securities and Exchange Commission regulatory interventions related to disclosure of non-GAAP financial measures | 4504 observations of 361 firms listed on the S&P500 from 2001 to 2003 | non-GAAP measures |
| 13 | | provides important insights for understanding the relevance of financial reporting in three dimensions | 90,470 observations of firms listed on the NYSE, AMEX, and NASDAQ exchanges during the period from 1988 to 2002 | returns, abnormal returns, earnings changes |
| 14 | | examines the possibility that managers mislead investor perceptions through the disclosure of non-GAAP earnings even after SEC intervention (Reg G) | 25,291 observations from S&P 1500 firms, excluding financial industries from 2006 to 2011 | Merger and Acquisition charges, Extinguished debt charges, impairment of goodwill, Gains or losses on asset dispositions and “below the line” items, Restructuring charges, Acquired in process research and development charges, Other Special items |
| 15 | | investigates whether stock prices reflect information about future earnings contained in the accrual and cash flow components of current earnings | 40,679 firm-year observations from 1962 to 1991 | earnings, accruals, cash flow, current assets, current liability |
| 16 | | examines the value relevance of earnings components where there is a mandatory requirement to report generally accepted accounting principles (GAAP) earnings and non-GAAP earnings, and where the items to be eliminated from GAAP earnings are defined in detail | 2042 observations of firms listed on the main board of the JSE from 2002 to 2009 | book value of equity, the GAAP earnings, headline earnings, headline earnings exclusions |
| 17 | | examines the value relevance and earnings persistence of the non-recurring gains and losses and the incremental value relevance of profits after deduction of extraordinary earnings | 17,589 samples which are A-share listed companies in Shanghai and Shenzhen stock exchanges from 2001 to 2015 | earnings per share, non-recurring profit and loss per share, core earnings per share, book value of equity per share |