Working Paper

23 March 2021

Corruption-related disclosure in the banking industry: Evidence from GIPSI countries

This paper empirically investigates corruption-related disclosure in the banking industry, aiming to identify the most relevant theories which explain why financial institutions disclose corruption-related information to the...

Pablo de Andrés | Salvatore Polizzi | Enzo Scannella
01 August 2016

After Halliburton: Event Studies and Their Role in Federal Securities Fraud Litigation

Event studies have become increasingly important in securities fraud litigation after the Supreme Court?s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship...

Jill Fisch | Jonah Gelbach | Jonathan Klick
06 September 2018

Governance of Financial Services Outsourcing: Managing Misconduct and Third-Party Risks

With financial institutions increasingly outsourcing their activities, they face a record number of fraud and misconduct cases arising from third-party services. We survey financial institutions to better understand which...

Joseph McCahery | F. Alexander de Roode
15 April 2019

Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation

Manipulative communications touting stocks are common in capital markets around the world. Although the price distortions created by so-called “pump-and-dump” schemes are well known, little is known about the investors in...

Andreas Hackethal | Christian Leuz | Steffen Meyer | Maximilian Muhn | Eugene Soltes
07 May 2020

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

During the Harvey Weinstein and #MeToo events, firms with a non-sexist corporate culture, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. These returns are followed by positive revisions in...

Karl Lins | Lukas Roth | Henri Servaes | Ane Tamayo