We study the impact of the enforcement of ﬁnancial regulation by the United Kingdom’s regulatoryauthoritiesonthemarketpriceofpenalizedﬁrms.Existingstudiesrelyonanalyses 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.
|Titolo:||Regulatory Sanctions and Reputational Damage in Financial Markets|
|Data di pubblicazione:||2017|
|Appare nelle tipologie:||01.1 - Articolo su rivista (Article)|
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|regulatory_sanctions_and_reputational_damage_in_financial_markets.pdf||Versione dell'editore||DRM non definito||Administrator|