2026-09-22T02:40:10Z https://www.ideals.illinois.edu/oai-pmh

oai:www.ideals.illinois.edu:2142/129547 2026-02-05 col_2142_5131 col_2142_16440 com_2142_5130 com_2142_16439 com_2142_9216

application/pdf en text Submission published under a 24 month embargo labeled 'U of I Access', the embargo will last until 2027-05-01 The student, Haoyan Wang, accepted the attached license on 2025-04-18 at 15:38. The student, Haoyan Wang, submitted this Dissertation for approval on 2025-04-18 at 15:45. This Dissertation was approved for publication on 2025-04-23 at 19:09. DSpace SAF Submission Ingestion Package generated from Vireo submission #21839 on 2025-10-19 at 19:15:10 Equity options trading and non-GAAP earnings disclosure Wang, Haoyan 2025-04-23 Brown, Nerissa C. Brown, Nerissa C. Chen, Ciao-Wei Zhu, Wei Irani, Rustom M. Informed trading Voluntary disclosures Options trading Non-GAAP disclosures eng I investigate the influence of informed trading on the disclosure and quality of non-GAAP earnings measures in quarterly earnings releases. The results reveal that informed trading as proxied by the volume of equity options trading decreases the likelihood of non-GAAP earnings disclosure. This evidence suggests that private information gathering by informed investors supplants the need for managers to disclose adjusted measures of the firm’s core operating performance. However, when managers still choose to disclose non-GAAP earnings, I find that option trading volume is associated with higher quality non-GAAP disclosures. Specifically, I find that managers’ non-GAAP exclusions are less aggressive and are more informative to investors. My results are distinct from the effects induced by short selling and are robust to controls for endogeneity. Lastly, using a recently developed measure of risk information, I find evidence suggesting that non-GAAP exclusions are deemed risk-relevant by option traders. Thus, managers who opt to provide non-GAAP metrics are seemingly doing so to better inform investors about future firm risk. 2025-05 Thesis https://hdl.handle.net/2142/129547 Copyright 2025 Haoyan Wang Accountancy Accountancy University of Illinois Urbana-Champaign Ph.D. Dissertation