THE IMPACT OF ANNOUNCEMENTS OF CORPORATE ILLEGALITIES ON SHAREHOLDER RETURNS.

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Abstract
The article presents information on a study which determined the reaction of the stock market to a public announcement that a corporation has been caught allegedly committing a crime. The author describes the application of the event methodology and flaws of accounting returns. Results of an efficient stock market are presented. A discussion is presented about the relationship between social responsibility and the overall economic value of a corporation. Moral and ethical aspects of corporate financial performance are examined.

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