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| Author: | Ogneva, M. Subramanyam, K.R. |
| Title: | Does the stock market underreact to going concern opinions? Evidence from the U.S. and Australia |
| Journal: | Journal of Accounting & Economics
2007 : VOL. 43:2-3, p. 439-452 |
| Index terms: | capital markets stock markets market efficiency auditing Australia USA |
| Language: | eng |
| Abstract: | This paper examines 12-month returns (hereafter as: rets.) following disclosure of first-time going concern (GC) opinions (as: opns.) in the U.S. and Australia (here as: A). There is found no evidence of significant negative abnormal returns (here as: abn-rets.) associated with GC opns. in A. In the U.S, negative abn-rets. subsequent to GC opns. are sensitive to choice of expected rets. Notably, there are no significant negative abn-rets. when using factor models or after controlling for momentum. In general, contrary to Taffler, Lu and Kausar's U.K. results (publ. in Journal of Accounting and Economics, 2004, vol. 38, p. 263-285), this paper cannot document a market anomaly in the U.S. or in A. associated with GC opinions. |
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