Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/73653 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Tübinger Diskussionsbeiträge No. 334
Verlag: 
Eberhard Karls Universität Tübingen, Wirtschaftswissenschaftliche Fakultät, Tübingen
Zusammenfassung: 
This study contributes to the literature by analyzing the potential market penalties due to financial reporting violations detected by the German enforcement regime. Event study results provide evidence that official error announcements lead to significant negative (cumulative) abnormal returns. Investigating the variation between the cumulative abnormal returns, the cross-sectional analysis indicates that companies are able to dilute the (negative) capital market reaction by releasing other (positive) information simultaneously. The negative stock market reaction is less pronounced for profit-decreasing errors. The cumulative abnormal returns are more negative for companies that have been listed for a longer period of time.
Schlagwörter: 
German two-tier enforcement regime
quality of financial accounting
erroneous financial reports
Federal Financial Supervisory Authority (BaFin)
Financial Reporting Review Panel (FREP)
JEL: 
G14
M41
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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