Discretionary and Non-Discretionary Revisions of Loss Reserves by Property-Casualty Insurers: Differential Implications for Future Profitability, Risk and Market Value

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Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences (2010, background): “However, firms that manage earnings through discretionary loss reserves are not rewarded with higher valuations (Petroni et al., 2000; Beaver and McNichols, 1998; Beaver and Engel, 1996).”
Research design issues in earnings management studies (2000, methodology): “Petroni's (1992) study, and subsequent studies by Beaver and McNichols (1998), Penalva (1998), Nelson (2000), Petroni et al. (2000) and Beaver et al. (1999), exploit these unique disclosures to test hypotheses about earnings management.”
How has the financial crisis affected earnings management? A European study (2015, background): “…loss reserves: Anthony and Petroni (1997), Beaver and McNichols (1998), Beaver et al. (2000), Beaver et al. (2003), Penalva (1998), Petroni (1992), Petroni et al. (1999); about deferred tax valuation allowances of FAS no. 109: Ayers (1998), Blaylock et al. (2012), Chamberlain (1996), Chen and…”
Perspectives on Recent Capital Market Research (2002, background): “Petroni et al. (2000) further decompose the development into discretionary and nondiscretionary components and find they have different implications for future profitability, risk, and market value.”