Corpus ID: 17991279

Governance , Stock Returns , and Market Efficiency

@inproceedings{Johnson2005GovernanceS,
  title={Governance , Stock Returns , and Market Efficiency},
  author={Shane A. Johnson and Theodore Clark Moorman and Sorin M. Sorescu},
  year={2005}
}
Recent studies find significant positive (negative) long-term abnormal returns over the 1990s for firms with good (poor) governance, which calls into question both market efficiency and the usefulness of a large number of extant governance studies that use stock prices or returns from that period. Using control-firm calendar-time regressions, we find long-term abnormal returns that are statistically insignificant and near zero in magnitude for portfolios sorted on governance. The result from… Expand
Corporate Governance and its Effect on Firm Value and Stock Returns of Listed Companies on the Athens Stock Exchange
Recent researches have worked on the relationship between Corporate Governance and expected rates on return as well as historical returns. Firstly, we construct an Index of Corporate GovernanceExpand
Entrenchment, Governance, and the Stock Price Reaction to Sudden Executive Deaths
I use the stock price reaction to sudden, unexpected senior executive (Chairman, CEO or President) deaths to study managerial entrenchment. If a highly effective manager dies unexpectedly, the stockExpand
CORPORATE GOVERNANCE AND PERFORMANCE OF NIGERIAN LISTED FIRMS: FURTHER EVIDENCE
This work, in an agency framework, adds to the few literatures on Nigeria by examining the impact of corporate governance on firm financial performance. Using a sample of 64 listed non-financialExpand
The Relation Between Financial Management And Corporate Governance: Analytical Approach At The Level Of The Risk Management Strategies
This paper presents the contribution of corporate governance to the risk management system of an enterprise from the perspective of the financial leverage. We assume that companies with a strongExpand
ANALISIS PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP CORPORATE VALUE DENGAN VARIABEL MODERASI STOCK RETURN DAN FINANCIAL PERFORMANCE
The purposive of this research is to examine impact of good corporate governance on corporate value with moderation variables stock return and financial performance. This research uses partial leastExpand
Does Corporate Governance Impact Risk Management System
This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitativeExpand
Two essays on stock market consequence of earnings quality.
FOR ESSAY 1 2 ESSAY I CONTENT ; : 3

References

SHOWING 1-10 OF 16 REFERENCES
Corporate Governance and Equity Prices
Corporate-governance provisions related to takeover defenses and shareholder rights vary substantially across firms. In this paper, we use the incidence of 24 different provisions to build aExpand
Governance Mechanisms and Equity Prices
We investigate how the market for corporate control (external governance) and shareholder activism (internal governance) interact. A portfolio that buys firms with the highest level of takeoverExpand
What Matters in Corporate Governance?
We investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholderExpand
An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases
We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly increase their research and development (R&D) expenditures by a significant amount. We find consistent evidence ofExpand
Evidence on the Characteristics of Cross Sectional Variation in Stock Returns
Firm size and book-to-market ratios are both highly correlated with the returns of common stocks. Fama and French (1993) have argued that the association between these firm characteristics and theirExpand
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
This paper documents that strategies that buy stocks that have performed well in the past and sell stocks that hav e performed poorly in the past generate significant positive returns o ver three- toExpand
Multifactor Explanations of Asset Pricing Anomalies
Previous work shows that average returns on common stocks are related to firm characteristics like size, earnings/price, cash flow/price, book-to-market equity, past sales growth, long-term pastExpand
Risk, Return, and Equilibrium: Empirical Tests
This paper tests the relationship between average return and risk for New York Stock Exchange common stocks. The theoretical basis of the tests is the "two-parameter" portfolio model and models ofExpand
Options markets and stock return volatility
Abstract This study examines the variance of returns on common stocks around the time exchange-traded options are listed on these stocks. The evidence indicates that stock return variance declinesExpand
Common risk factors in the returns on stocks and bonds
This paper identities five common risk factors in the returns on stocks and bonds. There are three stock-market factors: an overall market factor and factors related to firm size and book-to-marketExpand
...
1
2
...