Whistleblowers and Outcomes of Financial Misrepresentation Enforcement Actions
研究了举报人参与与美国证券监管机构对财务虚假陈述的执法行动结果之间的关系，发现举报人参与与更高的罚款和更长的刑期相关。
ABSTRACT Whistleblowers are ostensibly a valuable resource to regulators investigating securities violations, but whether there is a link between whistleblower involvement and the outcomes of enforcement actions is unclear. Using a data set of employee whistleblowing allegations obtained from the U.S. government and the universe of enforcement actions for financial misrepresentation, we find that whistleblower involvement is associated with higher monetary penalties for targeted firms and employees and with longer prison sentences for culpable executives. We also find that regulators more quickly begin enforcement proceedings when whistleblowers are involved. Our findings suggest that whistleblowers are a valuable source of information for regulators who investigate and prosecute financial misrepresentation.