Regulatory Sanctions and Reputational Damage in Financial Markets

被引：107

作者：

Armour, John ^{[1
]}

Mayer, Colin ^{[2
]}

Polo, Andrea ^{[3
,4
]}

机构：

[1] Univ Oxford, Fac Law, Oxford, England

[2] Univ Oxford, Said Business Sch, Oxford, England

[3] Univ Pompeu Fabra, Barcelona, Spain

[4] Barcelona GSE, Barcelona, Spain

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2017年 / 52卷 / 04期

关键词：

PENALTIES; FORCES; FIRMS;

D O I：

10.1017/S0022109017000461

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the impact of the enforcement of financial regulation by the United Kingdom'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 United Kingdom, 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.

引用

页码：1429 / 1448

页数：20

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