Corporate governance and long-term stock returns /

Bibliographic Details
Main Author:	Moorman, Theodore Clark, 1979-
Other Authors:	Sorescu, Sorin (Thesis advisor), Kolari, James W. (Thesis advisor)
Format:	Thesis eBook
Language:	English
Published:	[College Station, Tex.] : [Texas A&M University], [2005]
Subjects:	Major finance. investments market efficiency long run event study corporate governance asset pricing finance
Online Access:	Link to OAK Trust copy

Description
Abstract:	Extant literature finds that long-term abnormal stock returns are generated by a strategy based on corporate governance index values (Gompers, Ishii, and Metrick2003). The result is inconsistent with efficient markets and suggests that information about governance is not accurately reflected in market data. Control firm portfolios are used to mitigate model misspecification in measuring long-term abnormal returns. Using a number of different matching criteria and governance indices, no long-term abnormal returns are found to trading strategies based on corporate governance. The effect of a change in governance on firm value is mixed, but some support is found for poor governance destroying firm value. These results have a number of implications for practitioners, researchers, and policy makers.
Item Description:	"Major Subject: Finance" Title from author supplied metadata (automated record created on Sep. 21, 2005.) Vita. Abstract. Electronic resource.
Format:	Mode of access: World Wide Web. System requirements: World Wide Web access and Adobe Acrobat Reader.
Bibliography:	Includes bibliographical references.