Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 2006 erstellt
Description:
This paper investigates whether the Standard amp; Poors (Samp;P) transparency and disclosure (Tamp;D)rankings informed the financial markets with respect to firms' corporate governance and disclosure practices when the results of the study were released by Samp;P on October 15, 2002. The Samp;P Tamp;D rankings report the relative levels of three disclosure dimensions (ownership structure and investor rights, financial transparency and information disclosure, and board and management structure and process) provided by firms in their annual reports (annual report rankings) and complete regulatory filings (composite rankings). The results suggest that the Samp;P Tamp;D rankings provided new information to the markets on cross-sectional differences in disclosure, and the market responds unfavorably during the event period to firms with large difference in disclosure levels across annual report and other regulatory filings. Further analyses reveal that the results are driven by the subcategory of ownership structure and investor rights