Three Essays on Corporate Financial Misconduct and Market Reactions
Tři eseje o selháních ve finančním jednání podniků a reakcích trhu
dissertation thesis (DEFENDED)
View/ Open
Permanent link
http://hdl.handle.net/20.500.11956/125021Identifiers
Study Information System: 169558
Collections
- Kvalifikační práce [17115]
Advisor
Referee
Havránek, Tomáš
Brůna, Karel
Karpoff, Jonathan M.
Faculty / Institute
Faculty of Social Sciences
Discipline
Economics and Finance
Department
Institute of Economic Studies
Date of defense
10. 3. 2021
Publisher
Univerzita Karlova, Fakulta sociálních vědLanguage
English
Grade
Pass
Keywords (Czech)
Financial Misconduct, Fraud, Sanction, Listed Companies Regulation, Victim, Returns Spillovers, Event Study, Meta-Analysis, Financial Markets, Information and Market EfficiencyKeywords (English)
Financial Misconduct, Fraud, Sanction, Listed Companies Regulation, Victim, Returns Spillovers, Event Study, Meta-Analysis, Financial Markets, Information and Market EfficiencyChapter 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...
Citace dokumentu
Metadata
Show full item recordRelated items
Showing items related by title, author, creator and subject.
-
Inherentní nestabilita finančních trhů
Defence status: DEFENDEDHladík, Jan (Univerzita Karlova, Filozofická fakulta, 2016)Date of defense: 16. 9. 2016Předkládaná diplomová práce si klade za cíl představit integrativní přístup k zachcení postkrizových transformačního procesů, a to historizací společenských a mocenských fundamentů finančních trhů, jejich operací a následných ... -
Selhání subjektů finančního trhu
Defence status: DEFENDEDZrůst, Lukáš (Univerzita Karlova, Právnická fakulta, 2019)Date of defense: 23. 4. 2019The aim of this work was to analyze complexly the failure of financial market entities, with the accent of a banking institution, comparison with the European legal system, but also with the emphasis on solving the financial ... -
Conventional vs. Shariah stock indices: Volatility, Financial Contagion, Interest Rate Risk and Gold as Safe Haven
Defence status: DEFENDEDHashmi, Osaid (Univerzita Karlova, Fakulta sociálních věd, 2018)Date of defense: 20. 6. 2018The thesis aims at the comparison of volatility between conventional stock indices and their Shariah counterparts. We study the time-varying volatility and correlation of both categories using GARCH models, during Global ...