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How pervasive is corporate fraud?
Dyck, Alexander; Morse, Adair; Zingales, Luigi - 2023
We provide a lower-bound estimate of the undetected share of corporate fraud. To identify the hidden part of the "iceberg," we exploit Arthur Andersen's demise, which triggered added scrutiny on Arthur Andersen's former clients and thereby increased the detection likelihood of preexisting...
Persistent link: https://www.econbiz.de/10013492777
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How pervasive is corporate fraud?
Dyck, Alexander; Morse, Adair; Zingales, Luigi - 2023
We provide a lower-bound estimate of the undetected share of corporate fraud. To identify the hidden part of the "iceberg," we exploit Arthur Andersen's demise, which triggered added scrutiny on Arthur Andersen's former clients and thereby increased the detection likelihood of preexisting...
Persistent link: https://www.econbiz.de/10013531824
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The Great Reversals : The Politics of Financial Development in the 20th Century
Rajan, Raghuram G. - 2015
Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern cannot be explained by...
Persistent link: https://www.econbiz.de/10012708302
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Theft and Taxes
Desai, Mihir A. - 2008
This paper analyzes the interaction between corporate taxes and corporate governance. We show that the design of the corporate tax system affects the amount of private benefits extracted by company insiders. A higher tax rate increases the amount of income insiders divert and thus worsens...
Persistent link: https://www.econbiz.de/10012727633
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In Search of New Foundations
Zingales, Luigi - 2008
In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be...
Persistent link: https://www.econbiz.de/10012728294
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Financial Distress as a Collapse of Incentives
Novaes, Walter - 2008
This paper explains why companies close to bankruptcy tend to lose their best workers and why the employees who remain lack proper motivation. This collapse of incentives within an organization arises because of a negative interaction between the system of incentives and the capital structure...
Persistent link: https://www.econbiz.de/10012775418
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How Pervasive is Corporate Fraud?
Dyck, I. J. Alexander - 2013
We estimate what percentage of firms engage in fraud and the economic cost of fraud. Our estimates are based on detected frauds, and frauds that we infer are started but are not caught. To identify the ‘iceberg' of undetected fraud we take advantage of an exogenous shock to the incentives for...
Persistent link: https://www.econbiz.de/10013086285
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Kill Zone
Kamepalli, Sai Krishna; Rajan, Raghuram G.; Zingales, Luigi - 2021
We study why acquisitions of entrant firms by an incumbent can deter innovation and entry in the digital platform industry, where there are strong network externalities and some customers face switching costs. A high probability of an acquisition induces some potential early adopters to wait for...
Persistent link: https://www.econbiz.de/10013246821
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Innovation and institutional ownership
Aghion, Philippe; Van Reenen, John; Zingales, Luigi - London School of Economics (LSE) - 2009
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite … substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the … be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables …
Persistent link: https://www.econbiz.de/10010745303
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In brief: Two cheers for Anglo-Saxon financial markets?
Aghion, Philippe; Reenen, John Van; Zingales, Luigi - Centre for Economic Performance, LSE - 2012
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite … substitution effect between institutional ownership and product market competition (and managerial entrenchment generally), the … be fired in the face of profit downturns when institutional ownership is higher. Finally, using instrumental variables …
Persistent link: https://www.econbiz.de/10010549053