(Montana State University - Bozeman, College of Agriculture, 2008) Sullivan, Jared James Crofts; Chairperson, Graduate Committee: James R. Brown.
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.
