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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2014.12
- 수록면
- 1,557 - 1,567 (11page)
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In this paper, I propose a general hypothesis that after the enactment of the Sarbanes-Oxley Act (SOA) financial statements convey more accurate and reliable cor-porate information to investors who in turn reect such improvements in stock prices and test four practical hypotheses that simultaneously feature the degree of information asymmetry, forecast bias, and investor reaction to biased earnings information. The empirical results unanimously suggest that the post-SOA investors take advan-tage of the improvement in informational efficiency and accuracy and actively adjust for analyst forecast bias in earnings forecasts. The SOA indeed appears to achieve its primary goal of investor protection.
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참고문헌 (25)
참고문헌 신청
1. [학술지(정기간행물)] - Barberis, N. / 2001 / Prospect theory and asset prices / The Quarterly Journal of Economics 116 : 1 ~ 53
2. [학술지(정기간행물)] - Benartzi, S. / 1995 / Myopic loss aversion and the equity premium puzzle / The Quarterly Journal of Economics 110 : 73 ~ 92
3. [학술지(정기간행물)] - Burks, J. J. / 2011 / Are investors confused by restatements after Sarbanes-Oxley? / The Accounting Review 86 : 507 ~ 539
4. [학술지(정기간행물)] - Brunnermeier, M. K. / 2005 / Information leakage and market e ciency / The Review of Financial Studies 18 : 417 ~ 457
5. [학술지(정기간행물)] - Chhaochharia, V. / 2007 / Corporate governance and firm value: The impact of the 2002 governance rules / Journal of Finance 62 : 1789 ~ 1825
2. [학술지(정기간행물)] - Benartzi, S. / 1995 / Myopic loss aversion and the equity premium puzzle / The Quarterly Journal of Economics 110 : 73 ~ 92
3. [학술지(정기간행물)] - Burks, J. J. / 2011 / Are investors confused by restatements after Sarbanes-Oxley? / The Accounting Review 86 : 507 ~ 539
4. [학술지(정기간행물)] - Brunnermeier, M. K. / 2005 / Information leakage and market e ciency / The Review of Financial Studies 18 : 417 ~ 457
5. [학술지(정기간행물)] - Chhaochharia, V. / 2007 / Corporate governance and firm value: The impact of the 2002 governance rules / Journal of Finance 62 : 1789 ~ 1825
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UCI(KEPA) : I410-ECN-0101-2018-041-001375873