The Long‐Term Performance and Failure Risk of Firms Cited in the US SEC's Accounting and Auditing Enforcement Releases
研究了239家被美国SEC执法公告引用的公司，发现它们在公告后第二、三年出现显著的负向异常经营业绩和股票回报，且更可能失败。
Abstract: We investigate 239 firms cited in the SEC's Accounting and Auditing Enforcement Releases (AAERs). We document significantly negative abnormal operating performance (measured using both cash‐flow‐based and earnings‐based metrics) in the second and third years following AAERs. We also detect significantly negative abnormal stock returns in up to three years following AAERs. We further find that AAER firms are more likely to fail in the post‐AAER period. Taken together, our findings suggest that the negative implications of an AAER citation resulting from egregious financial reporting violations can be long lasting and influence various facets of firm performance and survivability.