Valuation impact of Sarbanes-Oxley: Evidence from disclosure and governance within the financial services industry

Journal of Banking and Finance

Volumn 30, Issue 3, 2006, Pages 989-1006

  Akhigbe, Aigbe ^a   Martin, Anna D ^b  

^a UNIVERSITY OF AKRON   (United States)

^b FAIRFIELD UNIVERSITY   (United States)

Author keywords

Banks; Financial services; Insurance companies; Sarbanes Oxley; Wealth effects

Indexed keywords

EID: 33644809689     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2005.06.002     Document Type: Article

References (30)

1. J. Aharony A. Saunders I. Swary The effects of DIDMCA on bank stockholders' returns and risk Journal of Banking and Finance 12 1988 317-331
2. J.R. Barth G. Caprio R. Levine Bank regulation and supervision: What works best? Journal of Financial Intermediation 13 2004 205-248
3. R. Bhargava D.R. Fraser On the wealth and risk effects of commercial bank expansion into securities underwriting: An analysis of Section 20 subsidiaries Journal of Banking and Finance 22 1998 447-465
4. R.J. Bloomfield T.J. Wilks Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital Accounting Review 75 2000 13-41
5. M. Cornett H. Tehranian Stock market reactions to the depository institutions deregulation and monetary control act of 1980 Journal of Banking and Finance 13 1989 81-100
6. M. Cornett H. Tehranian An examination of the impact of the Garn-St. Germain depository institutions act of 1982 on commercial banks and savings and loans Journal of Finance 45 1990 95-111
7. DeFond, M.L., Hann, R.N., Hu, X., 2004. Does the market value financial expertise on audit committees of boards of directors? University of Southern California, Working Paper.
8. Engel, E., Hayes, R.M., Wang, X., 2004. The Sarbanes-Oxley Act and firms' going private decisions. University of Chicago, Working Paper.
9. D.R. Fraser J.L. Hooton J.W. Kolari J.J. Reising The wealth effects of interstate branching Journal of Banking and Finance 21 1997 589-611
10. P.A. Gompers J.L. Ishii A. Metrick Corporate governance and equity prices Quarterly Journal of Economics 118 2003 107-155
11. P.M. Healy A.P. Hutton K.G. Palepu Stock performance and intermediation changes surrounding sustained increases in disclosure Contemporary Accounting Research 16 1999 485-520
12. B. Hermalin M. Weisbach The effect of board composition and direct incentives on firm performance Financial Management 21 1991 101-112
13. M.C. Jensen W.H. Meckling Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics 3 1976 305-360
14. J. Johnston Econometric Methods 1984 McGraw Hill New York
15. B.N. Jorgensen M.T. Kirschenheiter Discretionary risk disclosures Accounting Review 78 2003 449-469
16. Li, H., Pincus, M., Rego, S.O., 2004. Market reaction to events surrounding the Sarbanes-Oxley Act of 2002. University of Iowa, Working paper.
17. J.J. McConnell H. Servaes Additional evidence on equity ownership and corporate value Journal of Financial Economics 27 1990 595-612
18. J.J. McConnell H. Servaes Equity ownership and the two faces of debt Journal of Financial Economics 39 1995 131-157
19. R.C. Merton A functional perspective of financial intermediation Financial Management 24 1995 23-41
20. R. Morck A. Shleifer R.W. Vishny Management ownership and market valuation: An empirical study Journal of Financial Economics 20 1988 293-315
21. D.P. Morgan Rating banks: Risk and uncertainty in an opaque industry American Economic Review 92 2002 874-888
22. G.S. Oldfield A.M. Santomero Risk management in financial institutions Sloan Management Review 39 1997 33-46
23. Rezaee, Z., Jain, P.K., 2003. The Sarbanes-Oxley Act of 2002 and security market behavior: Early evidence. University of Memphis, Working Paper.
24. S. Rosenstein J.G. Wyatt Outside directors, board independence, and shareholder wealth Journal of Financial Economics 26 1990 175-191
25. S.A. Ross Institutional markets, financial marketing, and financial innovation Journal of Finance 44 1989 541-556
26. A. Shivdasani D. Yermack CEO involvement in the selection of new board members: An empirical analysis Journal of Finance 54 1999 1829-1853
27. A. Shleifer R. Vishny Large shareholders and corporate control Journal of Political Economy 94 1986 461-488
28. C.J. Simon The effect of the 1933 Securities Act on investor information and the performance of new issues American Economic Review 79 1989 295-318
29. G.J. Stigler Public regulation of the securities markets Journal of Business 37 1964 117-134
30. S. Sundaram N. Rangan W.N. Davidson III The market valuation effects of the financial institutions reform, recovery and enforcement act of 1989 Journal of Banking and Finance 16 1992 1097-1122