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Is CEO Certification Credible?
Utpal Bhattacharya Indiana University Bloomington - Department of Finance Peter Groznik University of Ljubljana - Faculty of Economics Bruce Haslem Florida State University - College of Business Regulation, Vol. 26, No. 3, pp. 8-10, Fall 2003 FSU College of Law, Law, Business & Economics Paper No. # Abstract: Congress included in the Sarbanes-Oxley Act a provision making CEO and CFO certification mandatory for all publicly listed firms. Clearly, regulators viewed certification as a valuable addition to the arsenal of corporate governance mechanisms. Yet, market professionals and commentators greeted certification with a great deal of skepticism. To gauge what shareholders think, we analyzed the trading behavior and price reaction around the time the certifications were due to reveal whether shareholders consider certification (or not certifying) to be good news, bad news, or no news at all.
Keywords: Sarbanes-Oxley Act, CEO certification, CFO certification, securities regulation, shareholder opinion, regulation, securities and exchange commission, SEC, market reaction JEL Classifications: G18, G38, G14, G34 Accepted Paper SeriesDate posted: March 24, 2004 ; Last revised: June 20, 2008Suggested CitationContact Information
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