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As discussed in Section I, no prior study examines the relation between corporate governance mechanisms and the likelihood of an earnings restatement. A few studies examine the consequences of earnings restatements. William Kinney and Linda McDaniel analyze the stock price reaction for a sample of 73 firms that restated earnings between 1976 and 1985.18 They find that, on average, stock returns are negative between issuance of erroneous quarterly statements and its corrections. Mark Defond and James Jiambalvo study the characteristics of a sample of 41 companies that restated their earnings from 1977 to 1988.19 They find that restating companies had lower earnings growth before the restatement and were less. | Handbook of National Accounting Integrated Environmental and Economic Accounting 2003 Final draft circulated for information prior to official editing United Nations European Commission International Monetary Fund Organisation for Economic Co-operation and Development World Bank Studies in Methods Handbook of National Accounting Integrated Environmental and Economic Accounting 2003 Final draft circulated for information prior to official editing United Nations European Commission International Monetary Fund Organisation for Economic Co-operation and Development World .