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We study the impact of the enforcement of financial regulation by the UK’s regulatory authorities on the market price of penalized firms. Existing studies rely on analyses of multiple events that may distort the measurement of reputational losses. In the UK, the entire enforcement process involves only one public announcement and is accompanied by complete information on legal penalties.
We find that reputational losses are nearly nine times the size of fines, and are associated with misconduct harming customers or investors, but not third parties.
How will artificial intelligence (AI) and associated digital technologies reshape the work of lawyers and structure of law firms? Legal services are...
Alibaba, the e-commerce giant that completed a record-breaking IPO in the United States in 2014 and in mid-2020 was valued at over $500 billion, is one of...