We examine incidents in which Japanese businesses are implicated in corporate scandals. Such firms suffer statistically significant losses in their market values. Given the negligible legal and regulatory penalties for Japanese companies, we interpret the results as convincing evidence on the...

In 2002, the California Public Utilities Commission alleged that a group of energy sellers had overcharged California ratepayers by approximately $14 billion. The case went to trial and was dismissed, appealed, and ultimately remanded to the Federal Energy Regulatory Commission. It remained...

According to many business publications, firms that experience information security breaches suffer substantial reputational penalties. This paper examines incidents in which confidential information - for a firm's customers or employees - is stolen from or lost by publicly traded companies....

We investigate whether insider trading restrictions had their intended effects during the 1960s and 1970s. We do so by examining insider trading and stock market behavior prior to dividend initiations and omissions announced between 1935 and 1974. Contrary to existing research and commentary, we...