This article provides evidence about the wealth change and redistribution effects of Section 404 of Sarbanes-Oxley (SOX), which requires that management assess and publicly report on the effectiveness of their firm's internal controls, and that auditors publicly provide an opinion on...

This paper presents evidence on the correlation between stock returns in January and the earnings information released in the month. The annual earnings announced in January are predominantly positive, and the stock returns in late January are abnormally high than in the remainder of the year....

Using alcohol, tobacco, and gaming consumption data and people's attitudes toward these sin products to proxy for social norm acceptance levels, we show a strong interaction effect between social norms and financial incentives, which significantly influence the behavior of market participants....

Public disclosure about effectiveness of internal control systems is subject to much controversy in Canada, resulting in Canadian disclosures being made in Management Discussion and Analysis (MDamp;A). These disclosures are provided to investors without a definition of the weaknesses to be...

We evaluate an industry disclosure initiative designed to inform investors, the practice of providing information regarding investment professionals' backgrounds. Implicit in the motivation for this initiative is the presumed relevance of background information to investors seeking investment...