Understanding the Penalties Associated with Corporate Misconduct: An Empirical Examination of Earnings and Risk
研究企业不当行为指控如何影响其盈利（报告盈利和分析师预测）和风险（股价波动和分析师预测一致性），发现指控后盈利下降、风险上升，且关联方交易相关的不当行为影响更大。
Abstract We examine the relationship between allegations of corporate misconduct and changes in profitability and risk of the alleged offender. Profitability is measured as reported earnings and analysts’ earnings forecasts. Risk is measured as stock return volatility and concordance among analysts’ forecasts. Decreases in earnings and increases in risk are found to accompany allegations of misconduct, and although the results are somewhat sensitive to the earnings and risk metrics used, the changes are found to be consistently greater for related-party offenses. The importance of reputational penalties is underscored by analysis of the association between allegation-related changes in firm value and changes in earnings and risk.