The results of my testing fail to support my hypothesis with statistically significant
evidence. Though some companies saw significant changes in stock price in the period
surrounding a goodwill impairment announcement, the regression analyses do not
display any p-values below the determined significance level. Thus, there is no evidence
to suggest that on average the size or timing of goodwill impairment is correlated with
stock price fluctuations. Though the conclusiveness of my testing is limited by the small
sample size used, the results of my thesis do not suggest that goodwill impairment has a
significant effect on stock prices.