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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
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
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
Persistent link: https://www.econbiz.de/10000648493
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investments power. Past literature emphasizes the allocation of ownership as the" primary mechanism by which the firm does this …. Within the contractibility assumptions of this" literature, we identify a potentially superior mechanism, the regulation of … access to critical resources. " Access can be better than ownership because: i) the power agents get from access is more …
Persistent link: https://www.econbiz.de/10012472538
Persistent link: https://www.econbiz.de/10013422474
investments power. Past literature emphasizes the allocation of ownership as the" primary mechanism by which the firm does this …. Within the contractibility assumptions of this" literature, we identify a potentially superior mechanism, the regulation of … access to critical resources. " Access can be better than ownership because: i) the power agents get from access is more …
Persistent link: https://www.econbiz.de/10013246058
Persistent link: https://www.econbiz.de/10003807962
art I: The benefits of free financial markets -- Does finance benefit only the rich? -- Shylock transformed -- The financial revolution and individual economic freedom -- The dark side of finance -- The bottom line on financial development -- Part II: When do financial markets emerge? -- The...
Persistent link: https://www.econbiz.de/10001685597