Opaque financial reports, R2, and crash risk

被引：1563

作者：

Hutton, Amy P. ^{[1
]}

Marcus, Alan J. ^{[1
]}

Tehranian, Hassan ^{[1
]}

机构：

[1] Boston Coll, Chestnut Hill, MA 02467 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2009年 / 94卷 / 01期

关键词：

Earnings management; R-2; Crashes; Transparency; EARNINGS MANAGEMENT; STOCK RETURNS; CORPORATE GOVERNANCE; EMERGING MARKETS; EMPIRICAL TESTS; PRICE MOVEMENTS; VOLATILITY; INFORMATION; PERFORMANCE; EQUILIBRIUM;

D O I：

10.1016/j.jfineco.2008.10.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the relation between the transparency of financial statements and the distribution of stock returns. Using earnings management as a measure of opacity, we find that opacity is associated with higher R(2)s, indicating less revelation of firm-specific information. Moreover, opaque firms are more prone to stock price crashes, consistent with the prediction of the Jin and Myers [2006. R-2 around the world: new theory and new tests. Journal of Financial Economics 79, 257-292] model. However, these relations seem to have dissipated since the passage of the Sarbanes-Oxley Act, suggesting that earnings management has decreased or that firms can hide less information in the new regulatory environment. (C) 2009 Published by Elsevier B.V.

引用

页码：67 / 86

页数：20

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