A Reexamination of Corporate Governance and Equity Prices with Updated and Supplemental Results
A Reexamination of Corporate Governance and Equity Prices with Updated and Supplemental Results
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通过更新和补充结果重新审视公司治理和股权价格
DOI：
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发表时间：
2008
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通讯作者：
Sorin M. Sorescu
中科院分区：
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作者：
Shane A. Johnson;T. Moorman;Sorin M. Sorescu
我们重新研究了长期异常回报的投资组合的治理特征排序。具有强股东权利的公司和具有弱股东权利的公司在公司总体上不同，在它们如何跨行业聚集方面彼此不同。在这个行业集群下使用指定的测试，我们发现统计上为零的长期异常回报的投资组合排序的治理。我们的研究结果具有重要意义的解释研究，链接治理公司价值和股票收益，展示了金融研究中的行业定义的粗糙度的重要性，并阐明解决样本中的行业集群所产生的统计问题。作者2009。由牛津大学出版社代表金融研究学会出版。All rights reserved.如欲查询，请电邮至：journals.permissions@oxfordjournals.org。北京：清华大学出版社.
We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under this industry clustering, we find statistically zero long-term abnormal returns for portfolios sorted on governance. Our results have important implications for interpreting studies that link governance to firm value and stock returns, demonstrate the importance of the coarseness of industry definitions in financial research, and shed light on addressing statistical problems created by industry clustering in samples. The Author 2009. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.