Is CEO Certification of Earnings Numbers Value-Relevant?

On June 27, 2002, the Securities and Exchange Commission of the United States ordered the CEOs and CFOs of 688 large firms to certify the earnings numbers of their companies by 5:30PM EST, Aug 14, 2002. This paper uses this natural experiment to find that certification was not only a non-event for the certifiers around their certification date, but it was also a non-event for the non-certifiers around Aug 15, 2002. Further tests make us conclude that CEO's certification of earnings numbers is not value-relevant

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Year of publication:	[2014]
Authors:	Bhattacharya, Utpal
Other Persons:	Groznik, Peter (contributor) ; Haslem, Bruce (contributor)
Publisher:	[2014]: [S.l.] : SSRN

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Extent:	1 Online-Ressource (32 p)
Series:	FSU College of Law, Law, Business & Economics Paper ; No. #
Type of publication:	Book / Working Paper
Other identifiers:	10.2139/ssrn.332621 [DOI]
Classification:	G12 - Asset Pricing ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; G38 - Government Policy and Regulation ; D84 - Expectations; Speculations ; M41 - Accounting
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012710332