The primary goal of the paper is to exam the effects of managerial behavior decision, when the frequency of external reporting is change from semiannual to quarterly disclosure in the light of present rules. The pressure of external reporting induced by capital market has effect on the decision of manager directly or indirectly. In the experiment ,the short-term earning and long-term cash flow is different in those projects ,we select some managers to choose their answers, they are face the same capital pre...