haku: @indexterm financial management / yhteensä: 951
viite: 9 / 951
| Tekijä: | Hutton, A. P. Marcus, A. J. Tehranian, H. |
| Otsikko: | Opaque financial reports, R2, and crash risk |
| Lehti: | Journal of Financial Economics
2009 : OCT, VOL 94:1, p. 67-86 |
| Asiasana: | earnings financial management information |
| Vapaa asiasana: | transparency |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this article is to examine the relationship between financial statement transparency and stock return distribution. The authors use earnings management as a measure of opacity and study the sample firms' weekly and annual stock return data from 1991-2005. The findings indicate that opacity relates to high R2 values, which means less open firm-specific information. Stock price crashes seem to be more common in firms with opaque information policy. This phenomenon appears to have weakened, however, after the introduction of the Sarbanes-Oxley Act, which indicates either decreased earnings management or hiding less information due to the change in regulatory environment. |
SCIMA