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Tekijä:Nelson, K.K.
Price, R.A.
Rountree, B.R.
Otsikko:The market reaction to Arthur Andersen's role in the Enron scandal: Loss of reputation or confounding effects?
Lehti:Journal of Accounting & Economics
2008 : DEC, VOL. 46:2-3, p. 279-293
Asiasana:auditors
reputation
event studies
earnings
stock returns
oil prices
Kieli:eng
Tiivistelmä:The study tests the hypothesis that negative client stock returns following the revelation that Enron documents had been shredded are attributable to confounding effects as opposed to a loss of Andersen's reputation. It is found that a sharp decline in oil prices along with differences in the industry composition of the Andersen and Big 4 client portfolios combine to produce significantly more negative returns for Andersen clients relative to Big 4 clients, and for Andersen's Houston office clients relative to its clients in other locations. Furthermore, the market reaction to two other Enron-related events offers little support for a reputation effect. It is cautioned that the results can not be interpreted as evidence that Andersen's reputation did not suffer as a result of the Enron events.
SCIMA tietueen numero: 270930
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