دانلود مقاله ISI انگلیسی شماره 80602
ترجمه فارسی عنوان مقاله

SOX، شفافیت شرکت ها و هزینه بدهی

عنوان انگلیسی
SOX, corporate transparency, and the cost of debt ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80602 2014 21 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 38, January 2014, Pages 145–165

ترجمه کلمات کلیدی
قانون Sarbanes-Oxley ؛ شفافیت شرکت؛ قیمت گذاری CDS
کلمات کلیدی انگلیسی
G38; G33; G12Sarbanes–Oxley; Corporate transparency; CDS pricing
پیش نمایش مقاله
پیش نمایش مقاله  SOX، شفافیت شرکت ها و هزینه بدهی

چکیده انگلیسی

We investigate the impact of the Sarbanes–Oxley (SOX) Act on the cost of debt through its effect on the reliability of financial reporting. Using Credit Default Swap (CDS) spreads and a structural CDS pricing model, we calibrate a firm-level corporate opacity parameter in the pre- and post-SOX periods. Our analysis shows that corporate opacity and the cost of debt decrease significantly after SOX. The median firm in our sample experiences an 18 bp reduction on its five-year CDS spread as a result of lower opacity following SOX, amounting to total annual savings of $ 844 million for the 252 firms in our sample. Furthermore, the reduction in opacity tends to be larger for firms that in the pre-SOX period have lower accrual quality, less conservative earnings, lower number of independent directors, lower S& P Transparency and Disclosure ratings, and are more likely to benefit from SOX-compliance according to Chhaochharia and Grinstein’s (2007) criteria.