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Title:Does the stock market punish corporate malfeasance?: A case study of Citigroup PDF Logo
Authors:Mizrach, Bruce
Zhang Weerts, Susan
Issue Date:2005
Series/Report no.:Working papers // Department of Economics, Rutgers, the State University of New Jersey 2006,01
Abstract:This paper examines how well the market anticipates regulatory sanction. We look at key dates of SEC, NASD, FTC, Congressional and foreign investigations and their subsequent resolution. Our event study confirms that the settlements provide little new information to the market. In six major case groupings, we find highly accurate predictions from market capitalization changes of settlements and associated private litigation.
Subjects:Event study
probe
SEC
settlement
subpoena
JEL:K22
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, Rutgers University

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