The cost of transparency: Stock market reactions to introduction of the Extractive Sector Transparency Measures Act in Canada. (October 2019)
- Record Type:
- Journal Article
- Title:
- The cost of transparency: Stock market reactions to introduction of the Extractive Sector Transparency Measures Act in Canada. (October 2019)
- Main Title:
- The cost of transparency: Stock market reactions to introduction of the Extractive Sector Transparency Measures Act in Canada
- Authors:
- Linder, Eric
Marbuah, George - Abstract:
- Abstract: This paper examines stock market reactions of affected firms to the introduction of the Extractive Sector Transparency Measures Act, ESTMA. Using publicly available stock returns data on Canadian listed mining firms and oil and gas producers, an event study is employed to assess how the stock market reacted to the key events in leading up to the enactment of the Act. ESTMA mandates extractive firms listed on Canadian stock exchange to disclose payments made to governments regarding exploration of oil, natural gas, and minerals. The evidence suggests no systematic negative impact on affected firms' stock returns surrounding the analysed events. Highlights: Firm value effect of the ESTM Act examined for Canadian listed oil and gas and mining producers. Stock returns data utilized with an event study methodology to assess series of events leading to the Act's enactment. Results suggest no robust negative effect on firms' stock returns.
- Is Part Of:
- Resources policy. Volume 63(2019)
- Journal:
- Resources policy
- Issue:
- Volume 63(2019)
- Issue Display:
- Volume 63, Issue 2019 (2019)
- Year:
- 2019
- Volume:
- 63
- Issue:
- 2019
- Issue Sort Value:
- 2019-0063-2019-0000
- Page Start:
- Page End:
- Publication Date:
- 2019-10
- Subjects:
- Financial transparency -- Mandatory disclosure requirements -- Extractive sector transparency measures act
Mines and mineral resources -- Periodicals
Ressources minérales -- Périodiques
Ressources naturelles -- Gestion -- Périodiques
Environnement -- Politique gouvernementale -- Périodiques
333.8 - Journal URLs:
- http://www.sciencedirect.com/science/journal/03014207 ↗
http://www.elsevier.com/journals ↗
http://www.journals.elsevier.com/resources-policy/ ↗ - DOI:
- 10.1016/j.resourpol.2019.101463 ↗
- Languages:
- English
- ISSNs:
- 0301-4207
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - 7777.608600
British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 11715.xml