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作者：Burks, Jeffrey J.
作者单位：University of Notre Dame
摘要：Regulators have expressed concern that investors are confused by the large number and questionable materiality of accounting restatements since passage of the Sarbanes-Oxley Act (SOX). This study looks for evidence of investor confusion by examining stock returns and trading volume. I find that the initial price reaction to restatement announcements becomes significantly less negative after SOX, even after controlling for the less egregious nature of post-SOX restatements. To assess whether th...
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作者：Cohen, Daniel; Darrough, Masako N.; Huang, Rong; Zach, Tzachi
作者单位：University of Texas System; University of Texas Dallas; City University of New York (CUNY) System; Baruch College (CUNY); University System of Ohio; Ohio State University
摘要：We examine the information role of accounting disclosures on warranties, utilizing a database that became available due to the requirements of FIN 45. First, because firms use warranty policies as a business strategy to promote their products, a warranty reserve can serve two roles: an information signal regarding product quality, as well as a contingent liability. Consistent with this view, we find that the stock market recognizes that: (1) the warranty reserve contains information about firm...
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作者：Li, Edward Xuejun; Ramesh, K.; Shen, Min
作者单位：University of Rochester; Rice University; George Mason University
摘要：We examine the role of newswires in identifying and conveying market-moving information in periodic SEC reports to capital market participants. Using data on Dow Jones Newswires, we find that newswires are more likely to send alerts on firms that do not release preliminary earnings, have credit ratings, are included in major market indices, have litigation exposure, or report losses. Reflective of the market's focus on certain key events, firms with a nonstandard audit opinion, in the process ...
