| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8058 |
| DP8058 Regulatory Sanctions and Reputational Damage in Financial Markets | |
| Colin Mayer; John Armour; ANDREA POLO | |
| 发表日期 | 2010-10-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study the impact of the announcement of enforcement of financial and securities regulation by the UK?s Financial Services Authority and London Stock Exchange on the market price of penalized firms. Since these agencies do not announce enforcement until a penalty is levied, their actions provide a uniquely clean dataset on which to examine reputational effects. We find that reputational sanctions are very real: their stock price impact is on average ten times larger than the financial penalties imposed. Furthermore, reputational losses are confined to misconduct that directly affects parties who trade with the firm (such as customers and investors). The announcement of a fine for wrongdoing that harms third parties has, if anything, a weakly positive effect on stock prices. Our results have significant implications for understanding both corporate reputation and regulatory policy. |
| 主题 | Financial Economics |
| 关键词 | Corporate law Enforcement Regulation Reputation |
| URL | https://cepr.org/publications/dp8058 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536874 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,John Armour,ANDREA POLO. DP8058 Regulatory Sanctions and Reputational Damage in Financial Markets. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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