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The Effect of Operating Control Fail...
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ProQuest Information and Learning Co.
The Effect of Operating Control Failures on the Cost of Capital : = Evidence from Data Breaches.
紀錄類型:
書目-語言資料,手稿 : Monograph/item
正題名/作者:
The Effect of Operating Control Failures on the Cost of Capital :/
其他題名:
Evidence from Data Breaches.
作者:
Genson Sheneman, Amy.
面頁冊數:
1 online resource (73 pages)
附註:
Source: Dissertation Abstracts International, Volume: 79-03(E), Section: A.
Contained By:
Dissertation Abstracts International79-03A(E).
標題:
Accounting. -
電子資源:
click for full text (PQDT)
ISBN:
9780355529050
The Effect of Operating Control Failures on the Cost of Capital : = Evidence from Data Breaches.
Genson Sheneman, Amy.
The Effect of Operating Control Failures on the Cost of Capital :
Evidence from Data Breaches. - 1 online resource (73 pages)
Source: Dissertation Abstracts International, Volume: 79-03(E), Section: A.
Thesis (Ph.D.)
Includes bibliographical references
To what extent does a firm's failure to protect and control confidential information impact its cost of capital? I study this question using breaches of proprietary data (e.g., intangible, off-balance sheet assets) as a proxy for operating control failures rather than financial reporting control failures. Specifically, I predict and find a positive association between a data breach and a firm's cost of privately placed debt. Compared with loans initiated before a data breach, loans initiated after a breach have significantly higher spreads. This relation is more pronounced for firms with more transparent information environments, suggesting that data breaches provide an informed signal to creditors about the quality of the operating control system. I also find that a data breach is associated with a marginally significant increase in a firm's cost of equity. Overall, I provide evidence that a firm's operating control system has an economically significant impact on its financing costs. Additionally, these findings inform the ongoing regulatory discussion regarding mandated disclosure of cybersecurity events.
Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018
Mode of access: World Wide Web
ISBN: 9780355529050Subjects--Topical Terms:
561166
Accounting.
Index Terms--Genre/Form:
554714
Electronic books.
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Source: Dissertation Abstracts International, Volume: 79-03(E), Section: A.
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Includes bibliographical references
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To what extent does a firm's failure to protect and control confidential information impact its cost of capital? I study this question using breaches of proprietary data (e.g., intangible, off-balance sheet assets) as a proxy for operating control failures rather than financial reporting control failures. Specifically, I predict and find a positive association between a data breach and a firm's cost of privately placed debt. Compared with loans initiated before a data breach, loans initiated after a breach have significantly higher spreads. This relation is more pronounced for firms with more transparent information environments, suggesting that data breaches provide an informed signal to creditors about the quality of the operating control system. I also find that a data breach is associated with a marginally significant increase in a firm's cost of equity. Overall, I provide evidence that a firm's operating control system has an economically significant impact on its financing costs. Additionally, these findings inform the ongoing regulatory discussion regarding mandated disclosure of cybersecurity events.
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click for full text (PQDT)
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