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Corporate Governance and Information Efficiency in Security Markets

Author

Listed:
  • Charlie X. Cai
  • Kevin Keasey
  • Helen Short

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.

Suggested Citation

  • Charlie X. Cai & Kevin Keasey & Helen Short, 2006. "Corporate Governance and Information Efficiency in Security Markets," European Financial Management, European Financial Management Association, vol. 12(5), pages 763-787.
  • Handle: RePEc:bla:eufman:v:12:y:2006:i:5:p:763-787
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    Cited by:

    1. repec:eee:spacre:v:18:y:2015:i:1:p:20-31 is not listed on IDEAS
    2. Andrea Graf & Markus Stiglbauer, 2008. "Deutscher Corporate Governance Kodex: Eine Analyse der Qualitätssicherungs und erweiterten Kommunikationsfunktion," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 18(3), pages 279-300, February.
    3. repec:spr:rvmgts:v:12:y:2018:i:1:d:10.1007_s11846-016-0212-1 is not listed on IDEAS
    4. repec:eee:jocaae:v:6:y:2010:i:2:p:92-100 is not listed on IDEAS
    5. 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.
    6. repec:eee:spacre:v:17:y:2014:i:1:p:5-16 is not listed on IDEAS
    7. Zahid Iqbal & Kun Wang & Sewon O, 2011. "Board independence and market reactions around news of stock option backdating," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 35(1), pages 104-115, January.

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