Corporate Governance and Information Efficiency in Security Markets
Abstract"This paper investigates a neglected topic in corporate governance research; namely, do governance characteristics affect the market reaction to news? The topic is important given the emphasis by governance regulations and codes of best practice on the need for greater transparency of corporate activities. For the first time in the corporate governance literature, we show that corporate governance characteristics (particularly the presence of founding family directors and gender diverse boards) affect the market reaction to company specific news. The results of the paper point to the analysis of the impact of governance characteristics on the market reaction to news being a new and complementary research agenda within corporate governance." Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by European Financial Management Association in its journal European Financial Management.
Volume (Year): 12 (2006)
Issue (Month): 5 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1354-7798
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- Loukil, Nadia & Yousfi, Ouidad, 2010. "Does corporate governance affect stock liquidity in the Tunisian Stock Market?," MPRA Paper 28697, University Library of Munich, Germany, revised Feb 2011.
- Zahid Iqbal & Kun Wang & Sewon O, 2011. "Board independence and market reactions around news of stock option backdating," Journal of Economics and Finance, Springer, vol. 35(1), pages 104-115, January.
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