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The Impact of Enterprise System Implementations on Enterprise Risk

The use of sophisticated enterprise systems compels changes in underlying business processes, leading to reengineering efficiency improvements that are normally compounded by the benefits of automation; enterprise systems implementations, however, can also represent unique risk issues. This study proposes to examine the impact of enterprise system implementation on enterprise risks as perceived by external investors of publicly traded companies in the U.S. A Risk-Adjusted Marked Model is proposed to examine market valuation effects, as measured by abnormal returns, as well as systematic risk effects, as measured by pre-event and post-event beta changes. For further insight, a cross sectional analysis relating risk changes to different types of enterprise systems and firm characteristics is also proposed.