: opening of an investigation by the AMF; issuance of a monetary sanction; publication of the information about sanction a … in concreto. We find a strong negative impact of the announcement of sanction in press on the firms' stock prices. We … observe a reputational loss of the deferred firm following the disclosure of sanction in press. We observe also a weak …

named in a sanction report, as an offender, an acquitted, or a victim of others' financial misconduct conveys information to … after both the sanction decision, and its publication (respectively -0.9% and -1.1% from the day preceding the event until 3 … correction on the market, depending on the step of the procedure. Finally, companies named in a sanction report as victims of …

This paper examines the spillovers of the sanction procedures on listed companies which were victims of others … suffer, on average, significant negative abnormal returns after the sanction. Naming victims hence may possibly be synonym of …