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The Effect of Operating Control Failures on the Cost of Capital : = Evidence from Data Breaches.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The Effect of Operating Control Failures on the Cost of Capital :/
Reminder of title:	Evidence from Data Breaches.
Author:	Genson Sheneman, Amy.
Description:	1 online resource (73 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-03(E), Section: A.
Contained By:	Dissertation Abstracts International79-03A(E).
Subject:	Accounting. -
Online resource:	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.

The Effect of Operating Control Failures on the Cost of Capital : = Evidence from Data Breaches.
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245 1 4 $a The Effect of Operating Control Failures on the Cost of Capital : $b Evidence from Data Breaches.
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500 $a Source: Dissertation Abstracts International, Volume: 79-03(E), Section: A.
500 $a Adviser: James M. Wahlen.
502 $a Thesis (Ph.D.) $c Indiana University $d 2017.
504 $a Includes bibliographical references
520 $a 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.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Accounting. $3 561166
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0272
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Indiana University. $b Business. $3 1179133
773 0 $t Dissertation Abstracts International $g 79-03A(E).
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