{"title":"Compliance and Company Value: How Markets React to Reported Lapses in Corporate Governance","authors":"Amy McDonough, Stefan Sackmann","doi":"10.1109/CEC.2009.60","DOIUrl":null,"url":null,"abstract":"This study examines the impact of reported lapses in corporate governance, using event study analysis to explore the announcement effect of public reprimand letters issued for violations of corporate governance regulations. No evidence is found that the stock of companies receiving such a letter are subject to negative abnormal returns, thus it appears that investors do not consider the announcement to contain new relevant information for their assessment of company value.","PeriodicalId":384060,"journal":{"name":"2009 IEEE Conference on Commerce and Enterprise Computing","volume":"25 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"2009 IEEE Conference on Commerce and Enterprise Computing","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/CEC.2009.60","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2
Abstract
This study examines the impact of reported lapses in corporate governance, using event study analysis to explore the announcement effect of public reprimand letters issued for violations of corporate governance regulations. No evidence is found that the stock of companies receiving such a letter are subject to negative abnormal returns, thus it appears that investors do not consider the announcement to contain new relevant information for their assessment of company value.
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