Panel A of Table 5 reports the regression results estimated using sample firms that report PADCA or REDCA greater than or equal to zero.
Panel B of Table 5 reports the regression results estimated using sample firms having PADCA or REDCA values less than zero.
the estimate of discretionary current accruals used by FJN, minus PADCA.
We add PADCA to the BENCHMARK regression model to control for firms' discretionary accruals, which likely is one mechanism that firms use to meet earnings benchmarks.
TABLE 3 Descriptive Statistics for Alternative Measures of Discretionary Current Accruals Panel A: Variables Used in Discretionary Accruals Analysis (n = 3069) Mean Median STD PADCA -1.
However, within each of the portfolios there is variation in firms' discretionary accruals and as a consequence PADCA captures a relative measure of manipulation.