The Stock Market Reaction to the Introduction of Best Practices Codes by Spanish Firms
研究了西班牙公司宣布遵守最佳实践准则时的市场反应，发现市场对涉及董事会重大重组的公告有正面反应，且低杠杆、高管比例高的公司财富效应更大。
This paper analyses the market reaction to announcements made by Spanish firms of compliance with the code of best practice. It also attempts to determine how the characteristics of different firms may account for the excess returns observed. The results suggest that the market reacts positively to announcements of compliance with the code of best practice that imply a major restructuring of the board of directors, whereas no wealth effects are observed for announcements that relate to isolated recommendations in the code. These wealth effects are greater for lower levered firms, and also greater the higher the percentage of executive directors.