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We develop a model to analyze how board governance a¤ects ...rms'...nancial reporting choices, and managers'incentives to manipulate accounting reports. In our setting, the board of directors relies on accounting information to make project approval decisions, and will reject the project absent information supporting its profitability. We consider a setting where, ceteris paribus, conservative accounting is desirable because it allows the board to better oversee the ...rm's investments. Thisdoi:10.2139/ssrn.2251378 fatcat:2atpl6g5ybeevjbhzl4mjrdydm