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 … frauds are detected. We estimate that on average 10% of large publicly traded firms are committing securities fraud every … year, with a 95% confidence interval of 7%-14%. Combining fraud pervasiveness with existing estimates of the costs of …