Article2002

The stock market reaction to fraudulent financial reporting

46 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Governance and Financial Management

Abstract

Explores the impact that recent fraudulent financial reporting has had on the capital markets. Attempts to examine the stock market reaction, both to return and risk, to fraudulent financial reporting that has occurred in major corporations during the decade 1990‐1999. Finds that capital market impact is significant in dollar terms with strong negative announcement effects the day before and on the day of a news event. Concludes that auditor and regulator vigilance needs to be strongly maintained in monitoring firms’ financial reporting.

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References

1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1985Does the Stock Market Overreact?1985Using daily stock returns 1998Investor Psychology and Security Market Under‐ and Overreactions 1983Agency Problems and Residual Claims 1996Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC*1999A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets

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