Regulatory Sanctions and Reputational Damage in Financial Markets
研究英国监管机构执法对受罚公司市场价格的影响，发现声誉损失约为罚款的九倍，且与损害客户或投资者的不当行为相关。
We study the impact of the enforcement of financial regulation by the United Kingdom’s regulatory authorities on the market price of penalized firms. Existing studies rely on analyses of multiple events that may distort the measurement of reputational losses. In the United Kingdom, the entire enforcement process involves only one public announcement and is accompanied by complete information on legal penalties. We find that reputational losses are nearly nine times the size of fines and are associated with misconduct harming customers or investors but not third parties.