Corporate governance and information efficiency in security markets

被引：42

作者：

Cai, Charlie X. ^{[1
]}

Keasey, Kevin ^{[1
]}

Short, Helen ^{[1
]}

机构：

[1] Univ Leeds, Sch Business, Leeds LS2 9JT, W Yorkshire, England

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2006年 / 12卷 / 05期

关键词：

corporate governance; market reaction to news;

D O I：

10.1111/j.1468-036X.2006.00276.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：763 / 787

页数：25

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