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THESIS_FINDINGS#4 Behind the numbers... 📊💡 An analysis of 182,173 E.U. firm-year observations (6,171 public & 176,002 private) between 2014-2019 showed that public firms manage their earnings* ~€5m (1/3 standard deviation) less than private ones. Additionally, the effect increased to ~€17m (85% of a s.d.) in countries with stricter law enforcement mechanisms. The evidence underlines the effect of market scrutiny and the importance of the legal enforcement. * E.M. is proxied by the modified Jones model. #MarketScrutiny #LegalEnforcement #CorporateTransparency

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