本文我們主要係研究關於透過重編公司CEO兼任他公司董事之汙染效果。具體來說，我們研究僱用宣告重編公司CEO（我們稱其為有毒之CEO）擔任董事之公司 （受汙染公司）其市場反應。若市場認為該名CEO其編製（或監督）財務報告品質較低，或是受汙染公司其財務報告品質較低，我們預期市場將懲罰重編公司與受汙染公司。與我們所預期的一致，我們發現重編公司與受汙染公司其各自經歷了負向之市場報酬反應。此外，當受汙染公司其財務報告品質較低時，市場報酬負向反會更加劇烈應。總體而言，我們研究結果支持重編之汙染效果透過重編公司之CEO擔任其他公司之董事。

We investigate the contagion effects of restatement through CEOs seating on the board. Specifically, we examine the market reactions to the firm (contagion firm) that hires a CEO that recently restates financial statements (tainted CEO) as board director. If the market considers tainted CEO to be an unqualified monitor and consider the contagion firm to have poor financial reporting quality, it is expected that the market penalizes both the restating firm and the contagion firm. Consistent with our expectation, we find negative market returns around announcement of the restatement for both the restating firm and the contagion firm. Further, the negative market reactions to the contagion firm are larger when the contagion firm exhibits poorer financial reporting quality. Overall, our results support the contagion effects of restatements and should be of interest to investors and board directors.

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