| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6266 |
| DP6266 Increasing Returns to Education: Theory and Evidence | |
| Alison Booth; Melvyn G Coles; Xiaodong Gong | |
| 发表日期 | 2007-04-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We evaluate the net benefits of the Sarbanes-Oxley Act (SOX) for shareholders by studying the lobbying behaviour of investors and corporate insiders to affect the final implemented rules under the Act. Investors lobbied overwhelmingly in favour of strict implementation of SOX, while corporate insiders and business groups lobbied against strict implementation. We identify the firms most affected by the law as those whose insiders lobbied against strict implementation, and compare their returns to the returns of less affected firms. Cumulative returns during the four and a half months leading up to passage of SOX were approximately 10 percent higher for corporations whose insiders lobbied against one or more of the SOX disclosure-related provisions than for similar non-lobbying firms. Analysis of returns in the post-passage implementation period indicates that investors? positive expectations with regards to the effects of the law were warranted for the enhanced disclosure provisions of SOX. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Sarbanes oxley act |
| URL | https://cepr.org/publications/dp6266 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535101 |
| 推荐引用方式 GB/T 7714 | Alison Booth,Melvyn G Coles,Xiaodong Gong. DP6266 Increasing Returns to Education: Theory and Evidence. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
