, we examine whether fraud revelations by regulators affect corporate cross-border M&As. We find that acquirers with a … history of fraud are less likely to complete cross-border M&As, and if completed, take longer to conclude transactions than … other acquirers. Our findings suggest that corporate fraud has implicit costs due to loss of reputation that may impede the …

We build a theoretical framework for cross-border fraud in which international fraud complaints follow a gravity model … estimates to estimate country-level fraud rates and identify clusters of countries with high fraud rates. Finally, in line with … our model predictions, high fraud rates are negatively correlated with per-capita GDP and measures of strong regulatory …