Recent business scandals have focused attention on failures of corporate governance involving serious breaches of traditional legal and ethical standards on the part of those who manage corporate affairs. This article argues that the legal standards applicable to managerial behavior are...

How do firms repair their reputations after a serious accounting restatement? To answer this question, we review firms' press releases and identify 1,765 reputation-building actions taken by: (1) 94 restating firms in the periods before and after their restatement; and (2) a set of matched...