Is CEO certification of earnings numbers value-relevant? |
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| Authors: | Utpal Bhattacharya Peter Groznik Bruce Haslem |
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| Affiliation: | aIndiana University, United States;bUniversity of Ljubljana, Slovenia;cFlorida State University, United States |
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| Abstract: | 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 certification of earnings numbers is not value-relevant. |
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| Keywords: | Corporate governance Earnings transparency CEO certification Credible signal Accounting regulation |
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