Corporate governance and long-term stock returns

Simple item page
dc.contributorKolari, James W.
dc.contributorSorescu, Sorin M.
dc.creatorMoorman, Theodore Clark
dc.date.accessioned2005-08-29T14:39:12Z
dc.date.accessioned2017-04-07T19:50:09Z
dc.date.available2005-08-29T14:39:12Z
dc.date.available2017-04-07T19:50:09Z
dc.date.created2006-05
dc.date.issued2005-08-29
dc.description.abstractExtant literature finds that long-term abnormal stock returns are generated by a strategy based on corporate governance index values (Gompers, Ishii, and Metrick 2003). 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.
dc.identifier.urihttp://hdl.handle.net/1969.1/2341
dc.language.isoen_US
dc.publisherTexas A&M University
dc.subjectcorporate governance
dc.subjectmarket efficiency
dc.subjectasset pricing
dc.subjectfinance
dc.subjectlong run event study
dc.subjectinvestments
dc.titleCorporate governance and long-term stock returns
dc.typeBook
dc.typeThesis

Files

Collections

Texas A&M University at College Station