Agrawal, A.; Jaffe, J.F.; Karpoff, J.M. - Rodney L. White Center for Financial Research, Wharton … - 1998
Anecdotal evidence suggests that top managers of firms that are investigated or charged with criminal fraud lose their jobs. From a theoretical perspective, it is plausible that fraud scandals create incentives to change managers, in an attempt to improve the firm's performance, reinvest in lost...