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Proof that in an efficient market, event studies can provide no systematic guidance for revision of accounting standards and disclosure policy for the purpose of maximizing shareholder wealth *
Author(s) -
SUNDER SHYAM
Publication year - 1989
Publication title -
contemporary accounting research
Language(s) - French
Resource type - Journals
SCImago Journal Rank - 2.769
H-Index - 99
eISSN - 1911-3846
pISSN - 0823-9150
DOI - 10.1111/j.1911-3846.1989.tb00714.x
Subject(s) - shareholder , accounting , event study , event (particle physics) , stock market , stock (firearms) , business , economics , welfare economics , corporate governance , finance , geography , physics , archaeology , quantum mechanics , context (archaeology)
. A systematic revision of accounting standards and disclosure policy on the basis of evidence obtained from event studies conducted in an efficient stock market is shown to be an ineffective means of maximizing shareholder wealth. Résumé. Une réision systématique des normes de comptabilité et des conventions relatives à la présentation de l'information à partir de l'information recueillie à la suite d'études d'événements menées dans un marché boursier efficient se révèle inefficace lorsqu'il s'agit de maximiser la richesse des actionnaires.