We examine the market reaction to a sample of 403 restatements announced from 1995 to 1999. We document an average abnormal return of about -9 percent over a two-day announcement window. We find that more negative returns are associated with restatements involving fraud, affecting more accounts,...

This study investigates companies' decisions to disseminate financial information at their corporate Internet Web sites. We expect that companies tailor the selection of data items presented at their sites to the relative sophistication of their user base. Based on prior literature, we predict...

This paper documents the value-relevance of nonfinancial information on the quantity and quality of inventive output for high-tech companies. We find that the number of patents and information on the quality of patents have consistently positive effects on stock prices. Interestingly, this...

We examine the market reaction to a sample of 403 restatement announcements made from 1995 to 1999. We find significantly negative average abnormal returns of about 9 percent over a two-day announcement window. We also document substantial variance in the abnormal returns. Our analysis indicates...