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:	2005
Authors:	Mizrach, Bruce ; Zhang Weerts, Susan
Publisher:	New Brunswick, NJ : Rutgers University, Department of Economics
Subject:	Event study \| probe \| SEC \| settlement \| subpoena

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Series:	Working Paper ; 2006-01
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	508624339 [GVK] hdl:10419/31306 [Handle] RePEc:rut:rutres:200601 [RePEc]
Classification:	K22 - Corporation and Securities Law
Source:	EconStor

Persistent link: https://www.econbiz.de/10010277197