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留学生企业战略管理论文:THE CASE OF CORPORATE GOVERNANCE [6]

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-12-17编辑:anterran点击率:12227

论文字数:14536论文编号:org201012171322081070语种:英语论文 English地区:美国价格:免费论文

关键词:corporate governanceboards of directorsfinancial presscorporate governance

the statistical significance of
abnormal returns on a daily basis as well as cumulating
them over a 3-day event period to allow
for the distribution of the magazines. The precise
distribution date was determined by contacting
Business Week, which as a matter of policy
留学论文 http://www.51lunwen.org
embargoes all magazines until 5 : 15 p.m. on the
Thursday 2 weeks prior to the printed issue date,
at which time they begin distribution. The issues in
this study were put into the mail stream November
14, 1996 and November 28, 1997 (a Friday since
Thursday, November 27, 1997 was a holiday), and
would begin appearing in most mailboxes and on
newsstands November 15, 1996 and December 1,
1997. The triggering event is the first trading day
following shipment of the magazines (November
15, 1996 and December 1, 1997), and the event
window extended through 3 trading days (November
19, 1996 and December 3, 1997). For purposes
of comparison, we also report abnormal returns
and tests of significant abnormal returns for several
days on either side of the event window.
Complete data were available for 50 of the
‘best’ and 49 of the ‘worst’ listings included in
the two Business Week reports. Rankings of the
firms included in each year’s report, along with
abnormal returns for each firm, are included in
Table 1. Security prices were collected from the
CRSP tapes. The CRSP equally weighted market
index was used in regression equations to represent
the market return for each day in the estimation and
event periods.
We removed potentially confounding cases
that could significantly affect stock prices by
searching the Wall Street Journal (McWilliams
and Siegel, 1997). Specifically, stock returns
for firms on which stories were published
that would potentially affect the firms’ stock
price (e.g., reports of unexpected earnings or
revenues, dividend announcements, stock offerings
and buybacks, debt issuances, reorganizations,
acquisitions or significant alliances, CEO turnover,
significant product price increases, major product
innovations, or recalls) were deleted from the data
set for the day the article was published as well
as the prior day and subsequent day. In all, 344 of
the 1584 observations for the period 5 days before
and 10 days following the triggering event were
deleted from the sample. Sample sizes for each
day in each of the different analyses are reported
in Table 2.
We corroborated the findings with a nonparametric
test of abnormal returns by examining the
statistical significance of the relative proportions of
positive to negative abnormal returns for each day
(McWilliams and Siegel, 1997). In the presence
of systematic abnormal returns, one would expect
the overall proportions of firms with positive and
negative returns to be different.
Regression
To test Hypothesis 2, hierarchical linear regressions
were run t论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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