Sarbanes-Oxley Act and the quality of earnings and accruals: Market-based evidence

被引：21

作者：

Kalelkar, Rachana ^{[1
]}

Nwaeze, Emeka T. ^{[1
]}

机构：

[1] Univ Texas San Antonio, San Antonio, TX 78249 USA

来源：

JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 2011年 / 30卷 / 03期

关键词：

ACCOUNTING EARNINGS; TEMPORAL ANALYSIS; STOCK RETURNS; INFORMATION; PRICE; DISCLOSURE; MANAGEMENT; BEHAVIOR;

D O I：

10.1016/j.jaccpubpol.2011.02.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper we study the impact of the Sarbanes-Oxley Act (SOX) on the valuation weights of earnings and earnings components. The analysis seeks evidence that SOX is associated with changes in investors' perception of earnings and accruals quality. Of particular interest in the analysis is the effect of SOX on the valuation weight of discretionary accruals that are perceived to be most vulnerable to manipulation prior to SOX. We find reliable increases in the valuation weights of earnings and earnings components after the passage of SOX. Nonetheless, we also find that the post-SOX shifts in the valuation weights of earnings and earnings components are indistinguishable from zero among firms in which the percentage equity shares held by institutional investors is 15% or greater. (C) 2011 Elsevier Inc. All rights reserved.

引用

页码：275 / 294

页数：20

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