Shams : ‫الملخص‬ ‫عهٗ‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫أثز‬ ‫دراست‬ ‫انٗ‬ ‫انبحث‬ ‫ْذا‬ ‫يٓذف‬ ‫انتقاريز‬ ‫غًٕض‬ ‫يعيُّ‬ ‫اسٓى‬ ‫تجاِ‬ ‫انتشاؤو‬ ‫أ‬ ‫انتفاؤل‬ ‫درجت‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫يًثم‬ ‫انًانيّ.‬ ‫انبحث‬ ‫عيُت‬ ‫تًثم‬ ‫يعيٍ.‬ ‫يال‬ ‫سٕق‬ ‫تجاِ‬ ‫أ‬ 38 ‫انًصزيّ.‬ ‫انبٕرصت‬ ‫فٗ‬ ‫يقيذِ‬ ‫شزكّ‬ ‫تٕسيعاث‬ ‫عالٔاث‬ ‫االسٓى,‬ ‫دٔراٌ‬ ‫بًعذل‬ ‫انًستثًزيٍ‬ ‫تٕقعاث‬ ‫فٗ‬ ‫انتحيش‬ ‫قياص‬ ‫يًكٍ‬ ( ‫االسٓى‬ Dividend premium ‫انًانيّ‬ ‫انتقاريز‬ ‫فٗ‬ ‫انغًٕض‬ ‫قياص‬ ‫يًكٍ‬ ٔ .)

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... عهٗ‬ ‫انُتائج‬ ‫أكذث‬ ‫انًزاجع.‬ ‫رأٖ‬ ‫َٕع‬ ٔ ‫انًزاجع‬ ‫جٕدة‬ ‫االرباح,‬ ‫ادارة‬ ‫يؤشز‬ ‫باستخذاو‬ ‫عزضّ‬ ‫أكثز‬ ‫تكٌٕ‬ ‫انٕاضحّ‬ ‫ٔغيز‬ ‫انغايضّ‬ ‫انًانيّ‬ ‫انتقاريز‬ ‫بٓا‬ ‫انتٗ‬ ‫انشزكاث‬ ‫أٌ‬ ‫انًتحيشِ.‬ ‫انًسثًزيٍ‬ ‫نقزاراث‬ Abstract: This research investigates the influence of investors' biased expectations on the opacity of financial reporting. Excessive biased expectations reflect optimism or pessimism of investors toward certain security or a particular financial market. Sample size consists of 83 companies listed in the Egyptian stock exchange. Three measures can be used to measure investors' biased expectations: Share Turnover, E Share, and dividend premium. Three measures can be used to measure financial reporting opacity: earnings management, quality of auditors and the type of audit opinion. Results imply that, companies with greater opaque financial reporting environment are more affected by excessive biased expectations of investors.