Non-GAAP earnings提供經理人排除GAAP會計科目的彈性，可以產生更具有信息性的績效比較基準，或使他們更有機會性地從non-GAAP earnings排除經常性費用。先前的文獻探討這種形式的財務揭露在公司層面的使用，儘管此為管理階層的決定。我透過使用non-GAAP earnings的意願及質量是否受到解除賣空限制環境影響，擴展先前的non-GAAP earnings及解除賣空限制的相關文獻。我發現股票不受賣空限制的公司經理人更有可能使用non-GAAP排除GAAP費用，且排除幅度較大。進一步發現這些公司經理人會使用non-GAAP earnings去滿足或超越分析師的預期，最後還發現這些non-GAAP exclusions更有持續性，因此質量較低。我的研究成果提出無賣空限制環境下，公司經理人更有可能利用non-GAAP earnings的自由裁量權為公司提升利益，減少公司股票放空的可能性。

The SEC introduced a pilot project (Reg-SHO), allowing capital market participants to short one-third of companies (pilot stocks) in the Russel 3000 index from 2005 to 2007. The study utilizes a quasi-natural Reg-SHO experiment to scrutinize the association between non-GAAP earnings and short-selling restrictions. Managers will more assembly employ non-GAAP earnings to practice opportunistic exclusion in recurring expenses in pilot stocks. Furthermore, for firms releasing short-selling restrictions, we uncover that managers will utilize non-GAAP earnings to meet or beat analysts' expectations and deliver worse future performance. Our research findings imply that within an environment devoid of short-selling restrictions, managers highly lean towards employing non-GAAP earnings to bolster company performance, thereby reducing the probability of short-selling activities.

論文審定書 i
摘要 ii
Abstract iii
List of Tables v
1. Introduction 1
2. Related Literature and Hypotheses 5
A. History of Short Selling in the U.S. Stock Market 5
B. Impact of earnings management 7
C. Controversy over Short Selling Restrictions 8
D. The Development of Non-GAAP Earnings 10
3. Data 15
A. Data and Sample Description 15
B. Main variables measurement 18
C. Regression Model and Variables 19
4. Results 24
A. Descriptive Statistics and Correlations 24
B. Hypotheses 1 Results 25
C. Hypotheses 2 Results 28
D. Hypotheses 3 Results 30
E. Accrual Management Trade-off 32
F. Performance-Related Outcomes 34
5. Conclusion 38
References 55
Appendix 59

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