An Analysis of the Audit Guide's Impact on the Sensitivity of Life Company Stocks
研究了1972年美国注册会计师协会发布的审计指南对寿险公司股票价格的影响，发现市场迅速吸收了该信息，投资者无法获得超额收益。
In December. 1972, the AICPA published its second audit guide dealing with the insurance industry. This paper examines the capital market impact of theAudit Guide on a portfolio of selected life insurance company stocks. The vehicle used to analyze the impact is the market model, a statistical model that removes the influence of the market from the performance of the selected stocks. The research findings are consistent with the semi-strong form of the efficient market hypothesis: The Audit Guiitde's impact was quickly impounded in the security prices of the affected companies so that investors' could not reap abnormal returns.