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Linder, Eric, 2018. The cost of transparency : stock market reactions to the introduction of the extractive sector transparency measures act. Second cycle, A2E. Uppsala: SLU, Dept. of Economics



This paper examines stock market reactions of affected firms to the introduction of the Extractive Sector Transparency Measures Act, ESTMA. Using publicly available stock return 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.

Main title:The cost of transparency
Subtitle:stock market reactions to the introduction of the extractive sector transparency measures act
Authors:Linder, Eric
Supervisor:Marbuah, George
Examiner:Hart, Robert
Series:Examensarbete / SLU, Institutionen för ekonomi
Volume/Sequential designation:1160
Year of Publication:2018
Level and depth descriptor:Second cycle, A2E
Student's programme affiliation:NM005 Environmental Economics and Management - Master's Programme 120 HEC
Supervising department:(NL, NJ) > Dept. of Economics
Keywords:extractive sector transparency measures act, financial transparency, mandatory disclosure requirements
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Subject. Use of subject categories until 2023-04-30.:Economics and management
Deposited On:17 Jul 2018 10:08
Metadata Last Modified:25 Feb 2019 13:23

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