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- Market reaction to executive compensation disclosure: evidence from the Security and Exchange Commission's 1992 disclosure initiatives
- Author: Sullivan, Jared James Crofts
- Date: 2008-05-15
- Program: Applied Economics
- Abstract: The SEC's disclosure initiatives passed in 1992 required increased levels of executive compensation disclosure accompanied by new formats for disclosure. I examine the market response to this new regulation at the firm level. I also test for external information spillovers. I find no evidence that the market systematically values the additional information provided by the new proxy format. I also find no evidence of new information spillovers being created by the new disclosure mandates; lending no support for proscriptive regulations....
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