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Three essays on market reactions to regulatory changes in the information environment
Descriptive
TitleInfo
Title
Three essays on market reactions to regulatory changes in the information environment
Name
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Xin
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Hua
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1983-
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Hua Xin
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author
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Sarath
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Bharat
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Bharat Sarath
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chair
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Palmon
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Dan
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Dan Palmon
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internal member
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Jaggi
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Bikki
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Bikki Jaggi
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internal member
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Zhang
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Li
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Li Zhang
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Advisory Committee
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internal member
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Ronen
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Joshua
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Joshua Ronen
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Advisory Committee
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Rutgers University
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Graduate School - Newark
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Text
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theses
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2015
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2015-05
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2015
Place
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xx
Language
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eng
Abstract
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My essays research on the information environment change due to the passage of the Sarbanes-Oxley Act (hereafter, SOX). SOX was enacted in 2002 to reform the financial market following a series of corporate scandals that negatively impacted investors’ trust in the integrity of financial reporting. SOX has two main sections that are related specifically to internal control issues within public companies. The two provisions, Sections 302 and 404, focus on Internal Controls over Financial Reporting (hereafter, ICOFR) and were enacted mainly to improve corporate financial reporting (Bedard et al. 2009), and arguably, have a great potential for doing so (Nicolaisen 2004). The effects of SOX in improving financial reporting has been verified by number of papers (e.g. Bedard 2006; Nagy 2010; Bizzaro et al. 2010). In particular, Section 302, which became effective on August 29, 2002, requires top officers of all public firms to disclose quarterly all MWs in the firm’s ICOFR. Beginning with fiscal year ending after November 15, 2004, Section 404 requires accelerated filers to assess the effectiveness of the ICOFR, and their auditors to both make their evaluation and to attest to management’s findings. In compliance with Section 404, non-accelerated filers are required, starting with fiscal years ending after December 15, 2007, to only document a management report on ICOFR. Prior literature find SOX increases both financial information quality and internal control efficiency. Based on these results, my essay tests the effects of improved information quality in three different areas. The first essay examines the audit market structure after SOX. Cross-sectional differences in audit fees can represent either the effect of quantity differences (in terms of hours of audit) or price differences in terms of an hourly fee (Simunic 1980a). My second essay examines whether SOX improves the information precision and leads to a faster reaction to information. My third essay examines whether SOX affects the boldness of analysts’ stock recommendations.
Subject
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Topic
Management
Subject
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Topic
Corporate governance
Subject
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Topic
United States. Sarbanes-Oxley Act of 2002
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Rutgers University Electronic Theses and Dissertations
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ETD_6476
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electronic resource
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Extent
1 online resource (xi, 157 p. : ill.)
Note
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Ph.D.
Note
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Includes bibliographical references
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Includes vita
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by Hua Xin
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Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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doi:10.7282/T3VH5QQ1
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ETD doctoral
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Rights
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The author owns the copyright to this work.
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Name
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Xin
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Hua
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Permission or license
DateTime
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2015-04-29 12:20:53
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Name
Hua Xin
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Rutgers University. Graduate School - Newark
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License
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Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
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Copyright protected
Availability
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Open
Reason
Permission or license
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windows xp
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