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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117558
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117558

    Title: The Sarbanes-Oxley Act, Earnings Management, and Post-Buyback Performance of Open-Market Repurchasing Firms
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Huang, Chia-Wei
    Contributors: 財管系
    Date: 2013
    Issue Date: 2018-06-11 17:38:29 (UTC+8)
    Abstract: We examine how the Sarbanes-Oxley Act (SOX) affects pre-repurchase earnings management and its association with post-repurchase firm performance. Unlike prior pre-SOX studies, our post-SOX results indicate that open-market repurchasers do not engage in pre-buyback downward accrual-based earnings management. Audit committee independence, reforms in corporate governance structures, and changes in executives’ equity holdings prompted by SOX may explain the findings. Post-SOX, the significant negative association between pre-repurchase abnormal accruals and post-repurchase performance disappears, the market reaction to repurchase announcements becomes significantly less favorable, and there is no evidence of any shift away from accrual-based to real earnings management.
    Relation: Journal of Financial and Quantitative Analysis, Vol.48, No.6, pp.1847-1876
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1017/S0022109014000040
    DOI: 10.1017/S0022109014000040
    Appears in Collections:[財務管理學系] 期刊論文

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