Original title: Tři eseje o selháních ve finančním jednání podniků a reakcích trhu
Translated title: Three Essays on Corporate Financial Misconduct and Market Reactions
Authors: de Batz de Trenquelléon, Laure ; Kočenda, Evžen (advisor) ; Havránek, Tomáš (referee) ; Brůna, Karel (referee) ; Karpoff, Jonathan M. (referee)
Document type: Doctoral theses
Year: 2021
Language: eng
Abstract: Chapter 1 Summary of the Dissertation "We are in the golden age of fraud." Jim Chanos, Kynikos Associates, Financial Times 24/07/2020. Beyond the speculations about the consecutive waves of Covid, 2020 will be reminded for one of the most notorious failures of a listed firm, due to a massive accounting fraud: the German payment fintech Wirecard. The firm, with 30 subsidiaries in 26 countries, joined the prestigious DAX index just two years before. The spillovers of the billion-euro fraud range from the arrest of top managers to suspicion of auditors, politicians, and regulatory authorities (BaFin, European Commission, and ESMA), as suggested the Financial Times headline "Why was Frankfurt so blind for so long?"1 Such a failure serves as a reminder of the relevance of financial markets regulation, oversight, and enforcement, in order to protect investors and to encourage compliance with regulations. Research on the relationship between the publication of financial misconducts and financial performance for corporates has continuously grown, as illustrated by the recent in- depth literature reviews undergone by Amiram et al. (2018) and Liu and Yawson (2020). It is fueling regulatory debates on how to enforce more efficiently financial regulations. Some specificities of white-collar crimes must be accounted for...
Keywords: Event Study; Financial Markets; Financial Misconduct; Fraud; Information and Market Efficiency; Listed Companies Regulation; Meta-Analysis; Returns Spillovers; Sanction; Victim; Event Study; Financial Markets; Financial Misconduct; Fraud; Information and Market Efficiency; Listed Companies Regulation; Meta-Analysis; Returns Spillovers; Sanction; Victim

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/125021

Permalink: http://www.nusl.cz/ntk/nusl-438558


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Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Doctoral theses