Information Leakage between the Audit Report and Announcement Days: The Case of Taiwan
| Autor: | Ching-Hui Chu, 朱靜慧 |
|---|---|
| Rok vydání: | 2008 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 96 This study examines whether there is information leakage between the audit report and announcement days. Using a sample of 106 Taiwanese public companies with qualified opinions during 1999-2007, we find negative abnormal returns and positive abnormal volume five days following the audit report day. More negative returns are associated with decrease in insiders'' share holdings within several months prior to the audit report day. These results appear to confirm the existence of information leakage of qualified opinions, which is likely revealed by insiders. This reminds policy makers and company managers to monitor this information revelation. Additionally, we find that the cumulative abnormal return (CAR) over the 20 days subsequent the announcement day of qualified reports is about-25%, which is much more pronounced than that in Anglo-Saxon countries. We ascribe this situation to the unique rule of Taiwan: qualified companies would receive mandatory delist if they cannot restate reports with unqualified opinions. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|