Is Accounting Education Valued by the Stock Market? Evidence from Corporate Controller Appointments

• 成果类型: Article
• 署名作者: Vafeas, Nikos
• 署名单位: University of Cyprus
• 刊物名称: CONTEMPORARY ACCOUNTING RESEARCH
• ISSN/ISSBN: 0823-9150
• DOI: 10.1506/car.26.4.6
• 发表日期: 2009
• 页码: 1143-+
• 关键词: school quality matter; Sarbanes-Oxley Act; Audit committee; earnings management; managerial; governance; OFFICERS; BEHAVIOR; college; boards

摘要

This paper examines whether the stock market values accounting education. Studying 616 controller appointments between 1993 and 2005 and using event-study methodology, I find evidence that the appointment of controllers with an accounting degree elicits a more favorable stock market response compared with the appointment of controllers without an accounting degree. This effect stems from outside appointments. Among accounting graduates, the market reacts more favorably when the degree is awarded from a highly rated accounting program. Several interesting implications of these results are discussed.