The Market Reaction to Corporate Governance Regulation

By David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor. 2010

371 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/da634415c27c377d371b9501edd62146ddd65d9c

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Citations in the corpus

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans (2012, positive): “Larcker, Ormazabal, and Taylor (2011) apply an event study methodology to events leading up to the passage of say on pay and proxy access legislation and find evidence consistent with proxy access diminishing shareholder value.”
How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment (2013, positive): “Following Larcker, Ormazabal, and Taylor (2011), we multiply the excess returns from the second ruling by negative one, since we expect these oﬀsetting events’ consequences to be of opposite signs.”
Causal Inference in Accounting Research (2016, methodology): “While the with-and-without-controls approach used by Larcker et al. (2007) has intuitive appeal, a more robust approach would involve careful thinking about the plausible causal relations between the treatment variables, the outcomes of interest, and the candidate control variables.”
Thirty Years of Shareholder Activism: A Survey of Empirical Research (2017, neutral): “The empirical findings regarding proxy access proposals is mixed, with Larcker et al. (2011) and Akyol et al. (2012) finding negative effects on firm value and Becker et al. (2013) finding positive effects.”
Staggered Boards and Firm Value, Revisited (2013, positive): “This is consistent with the findings of Larcker, Ormazabal, and Taylor (2011), who document a negative market reaction to recent legislative and regulatory actions designed to increase shareholder power, including a proposal to eliminate staggered boards.”
Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation around the World (2013, positive): “…or growth of CEO pay (e.g., Ferri and Maber (2013) and Iliev and Vintanova (2013)), and mixed effects on firm valuation (Cai and Walkling (2011), Larcker, Ormazabal, and Taylor (2011), and Ferri and Maber (2013)).9 In this paper, we add to the debate on SoP laws by analyzing their effects on…”
Shock-Based Causal Inference in Corporate Finance and Accounting Research (2015, methodology): “Larcker et al. (2011) illustrate how one can handle this complexity.”
Guiding Through the Fog: Financial Statement Complexity and Voluntary Disclosure (2016, positive): “So long as the change in standards is not the result of actions on the part of the average firm, the change in standards can be treated as exogenous for the purposes of econometric analysis (see for example, Larcker et al., 2011).”