The Cost to Firms of Cooking the Books

M. Karpoff, Jonathan; Lee, Dongwoo; S. Martin, Gerald

doi:10.1017/s0022109000004221

Public

The Cost to Firms of Cooking the Books

Published in Journal of Financial and Quantitative Analysis • Sep 1, 2008

Authors:

Jonathan M. Karpoff

Dongwoo Lee

Gerald S. Martin

Abstract

Abstract We examine the penalties imposed on the 585 firms targeted by SEC enforcement actions for financial misrepresentation from 1978–2002, which we track through November 15, 2005. The penalties imposed on firms through the legal system average only $23.5 million per firm. The penalties imposed ...

Subject

Reputation

Misrepresentation

Liberian dollar

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