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Does The Stock Market Punish Corporate Malfeasance? A Case Study of Citigroup

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Author Info
Bruce Mizrach () (Rutgers University)
Susan Zhang Weerts () (Rutgers University)

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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.

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Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 200601.

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Length: 20 pages
Date of creation: 09 Jan 2006
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Handle: RePEc:rut:rutres:200601

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Related research
Keywords: SEC; subpoena; probe; settlement; event study;

Find related papers by JEL classification:
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

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  1. Karpoff, Jonathan M & Lott, John R, Jr, 1999. "On the Determinants and Importance of Punitive Damage Awards," Journal of Law & Economics, University of Chicago Press, vol. 42(1), pages 527-73, April.
  2. David W. Prince & Paul H. Rubin, 2002. "The Effects of Product Liability Litigation on the Value of Firms," American Law and Economics Review, Oxford University Press, vol. 4(1), pages 44-87, January.
  3. Paul A. Griffin & Joseph A. Grundfest & Michael A. Perino, 2004. "Stock Price Response to News of Securities Fraud Litigation: An Analysis of Sequential and Conditional Information," Abacus, Accounting Foundation, University of Sydney, vol. 40(1), pages 21-48. [Downloadable!] (restricted)
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This page was last updated on 2009-10-18.

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