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The Empirical Analysis of Stock Exchange Regulatory Enforcement: Evidence from China
Chung, Yu Hsuan
Chi, Wu Chun
Chung, Yu Hsuan
Stock exchange regulatory enforcement
credit record files
|Issue Date: ||2014-01-02 13:27:26 (UTC+8)|
The first line of defense in firm supervision is a stock exchange regulatory enforcement, and its disciplinary sanctions convey important information to stock market participants. This study thus examines the causes and consequences of the disciplinary sanctions on the Shenzhen Stock Exchange. This study also uses disciplinary penalties found in credit record files to analyze the effect of stock exchange regulatory enforcement. The results indicate that the firms with disciplinary sanctions have no reaction on stock price. Additionally, this study finds that governance and supervision mechanisms can explain a.) occurrence of disciplinary sanctions in a given firm, and b.) probability of detecting stock exchange regulatory enforcement. Finally, further analysis suggests that disciplinary sanctions significantly improve firms’ financial reporting quality.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0973535011|
|Data Type: ||thesis|
|Appears in Collections:||[會計學系] 學位論文|
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