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حسابداری و مالی::
تعدیل قراردادی
For this sample of firms we compare the informational properties of PERF COV EARNINGS to those of two FASB GAAP based earnings measures: net income as defined by FASB GAAP (hereafter, NET INCOME) and earnings before interest, taxes, depreciation, and amortization (hereafter, EBITDA).2 Our main focus is to examine whether PERF COV EARNINGS differ from NET INCOME; however, benchmarking PERF COV EARNINGS against EBITDA is also useful for exploring to what extent contractual adjustments beyond interest, taxes, and depreciation shape the properties of PERF COV EARNINGS.
Overall, the descriptive evidence suggests that, on average, the contractual adjustments made in debt contracts are economically large and income increasing.
Our paper suggests that the contractual adjustments made to GAAP NET INCOME to derive PERF COV EARNINGS are economically large, on average income increasing, and result in systematic changes in the informational properties of GAAP NET INCOME.
Even if one could assess the nature and properties of contractual adjustments from their names, several conceptual difficulties remain when trying to assess the aggregate effect of these adjustments on the cash flow predictive ability and asymmetric timeliness of the final earnings number.
They then specify a multitude of contractual adjustments to arrive at a set of final measures (Leftwich (1983)).
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