Jain, Pankaj K.; Kim, Jang-Chul; Rezaee, Zabihollah - In: The Financial Review 43 (2008) 3, pp. 361-382
Investors rely heavily on the trustworthiness and accuracy of corporate information to provide liquidity to the capital markets. We find that the rash of financial scandals caused a severe deterioration in market liquidity in the form of wider spreads, lower depths, and a higher adverse...