Engelen, Peter-Jan - In: CESifo economic studies : CESifo, a joint initiative of … 58 (2012) 1, pp. 140-163
This article examines whether companies experience a stock price decline for the corporate misconduct of their CEOs and top managers. We examine news announcements of illegal insider trading reported in US press during the period 1993 until 2008. We observe a clear negative abnormal return on...