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Management & Marketing no. 4/2007

Do financial markets discipline firms for illegal corporate behaviour?

Monique ARNOLD,
Utrecht University, The Netherlands

Peter-Jan ENGELEN,
Utrecht University, The Netherlands

Abstract. This paper examines the relationship between the discovery of illegal behaviour by companies on the stock price. It examines whether shareholders care about illegal corporate behaviour and punish companies by driving the stock price down. The empirical results show that stock prices react negatively on the announcement date of corporate malfeasance. We examine different impacts of the type of illegal behaviour, the level of misconduct, the phase and the magnitude.

Keyword: event study, fraud, illegal behaviour, insider trading, reputational effect.

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