Does The Stock Market Punish Corporate Malfeasance? A Case Study of Citigroup

This paper examines how well the market anticipates regulatory sanction. We look at key dates of SEC, NASD, FTC, Congressional and foreign investigations and their subsequent resolution. Our event study confirms that the settlements provide little new information to the market. In six major case groupings, we find highly accurate predictions from market capitalization changes of settlements and associated private litigation.

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Year of publication:	2006-01-09
Authors:	Mizrach, Bruce ; Weerts, Susan Zhang
Institutions:	Department of Economics, Rutgers University-New Brunswick
Subject:	SEC \| subpoena \| probe \| settlement \| event study

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Extent:	application/pdf
Series:	Departmental Working Papers.
Type of publication:	Book / Working Paper
Notes:	Published in Corporate Ownership and Control 4:3, 2006, 154-8. 20 pages
Classification:	K22 - Corporation and Securities Law
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005626669