The stock market reaction to fraudulent financial reporting

Cox, Raymond A. K.; Weirich, Thomas R.

doi:10.1108/02686900210437471

Cited by 30 publications

(24 citation statements)

References 24 publications

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“…Fraudulent financial reporting and its impact on capital markets was explored by Cox and Weirich (2002). The study found a significant negative announcement effect on the day before and on the day of a news event.…”

Section: Existing Evidence On the Role Of Newsmentioning

confidence: 98%

A test of the news model of stock price determination in an emerging market: the case of Kuwait

Moosa

Al-Abduljader

2010

Applied Financial Economics

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A news model of stock price determination is specified and estimated using the Kuwait Stock Exchange (KSE) index as the price variable over the period January 1996 to December 2004. Of the five explanatory news variables, only the news terms of the money supply and government revenue turned out to be significant and correctly signed. Some weaker evidence is found for the effect of the interest rate news term. The news model shows little dynamics, implying that news is reflected rather quickly on stock prices. It is also demonstrated that stock prices react to the media news and announcements, but it is not possible to measure the unanticipated components of the announcements in the absence of a proper survey of opinions.

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Section: Existing Evidence On the Role Of Newsmentioning

confidence: 98%

A test of the news model of stock price determination in an emerging market: the case of Kuwait

Moosa

Al-Abduljader

2010

Applied Financial Economics

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“…From the long-term perspective, CSR can promote the competitiveness of companies. Fraudulent financial reporting has had a strong negative effect on the capital markets [23]. As a kind of corporate social irresponsibility, corporate crime has not only an impact on the reputation of companies, but also causes the loss of financial performance and the incontinence of investors [24].…”

Section: A Influence Of Rse On Sme Performancementioning

confidence: 99%

The Impact of Regional Soft Environment on SME Performance in China:Considering the Moderating Effect of Firm Life Cycle

Yu¹,

Duan²

2016

Proceedings of the 2016 International Symposium on Business Cooperation and Development

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Research on the affect of regional soft environment (RSE) influencing and accelerating Small and Medium Enterprises' (SME) performance has been paid great attention to by scholars recently. Based on literature review of relationship between external environment and SMEs, some propositions about RSE, SME performance and FLC are derived. On the ground of a survey data from 262 CEO-owners in Chinese SMEs, the paper tests the direct effect of RSE on SMEs performance and the moderating effect of FLC by regression analysis, and several important conclusions can be drawn. First, RSE does have a significantly positive impact on SME performance, whether for short-term or long-term one. Second, the six key components of RSE only have significantly positive influences on SME long-term performance, insignificant on the short-term performance. It means that RSE development in China is a longterm program, and its effect has a time lag. Third, FLC plays a negatively moderating role in the association between RSE and SME performance, which means there is a stronger linkage between RSE and SME performance when SMEs are in earlier stage of organizational life cycle. And finally, the effect and components of RSE on SME performance vary with organizational life cycle.

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“…It is regarded as a powerful financial tool in efficient market hypothesis research. To this effect many researcher globally have successfully utilised this tool, for example though not exhaustive, Aharony and Swary (1980), Bowman (1983), Cox and Weirich (2002), Dey and Radhakrishna (2008), and Laidroo (2008). In South Africa researchers like Bhana (1995Bhana ( /1996Bhana ( , 2005Bhana ( , 2007a), Mushidzi and Ward (2004) and Ward and Muller (2010) successfully utilised the tool to assess the information content of announced corporate event.…”

Section: Event Studiesmentioning

confidence: 99%

Market reaction to chief executive officers (CEOs) appointments on Johannesburg securities exchange (JSE): stock price and volume approach

Kruger

2014

J. Econ. Int. Finance

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The study is aimed at assessing the market reaction to the announcement of the appointment of CEOs of companies listed on the Johannesburg securities exchange (JSE). To achieve this objective an event study was conducted. The dataset consist of 43 firms who satisfied the inclusion criteria, who have announced the appointment of CEO within the period January, 2000 to December, 2012. In this study both the volume traded and the share price were analysed in the 72-month event window. The results show that share price cumulative returns are negative at 1% significance level. In contrast, while observing the volume traded approach the cumulative returns are significantly showing positive returns. This study like the previous ones indicates the conflicting findings on the subject of CEO appointments subject.

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The stock market reaction to fraudulent financial reporting

Cited by 30 publications

References 24 publications

A test of the news model of stock price determination in an emerging market: the case of Kuwait

A test of the news model of stock price determination in an emerging market: the case of Kuwait

The Impact of Regional Soft Environment on SME Performance in China:Considering the Moderating Effect of Firm Life Cycle

Market reaction to chief executive officers (CEOs) appointments on Johannesburg securities exchange (JSE): stock price and volume approach

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