Who Controls Whom Revisited: Managers, Boards of Directors, and Corporate Governance in Large U.S. Firms
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Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules
The 2001 to 2002 corporate scandals led to the Sarbanes–Oxley Act and to various amendments to the U.S. stock exchanges’ regulations. We find that the announcement of these rules has a significant effect on firm value. Firms that are less compliant with the provisions of the rules earn positive abnormal returns compared to firms that are more compliant. We also find variation in the response ac...
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