Abstract

http://ssrn.com/abstract=1964211
 
 

References (41)



 


 



A New Look at Reporting Fraud: By Exchange


Douglas J. Cumming


York University - Schulich School of Business

Sofia Johan


York University - Schulich School of Business; Tilburg Law and Economics Center (TILEC)

November 24, 2011

TILEC Discussion Paper No. 2011-050

Abstract:     
Statistics reporting litigated cases of fraud on an exchange-by-exchange basis are not readily available to investors. This paper introduces data from three countries with multiple exchanges with different listing standards, – Canada, the United Kingdom and the United States – to show litigated cases of fraud significantly vary by country, and the different exchanges within the country. Comparisons are also made to Brazil, China and Germany to assess out-of-sample inferences. The data examined suggest listing standards have a strong influence over the nature of observed fraud by securities commissions within the United States; by contrast, outside the United States there appears to be a comparative lack of enforcement. The data also suggest policy implications for the ways in which fraud ought to be reported to improve investor kowledge, market transparency and market quality.

Number of Pages in PDF File: 39

Keywords: Corporate fraud, Exchange listing standards, Securities commissions, NYSE

JEL Classification: G32, J33

working papers series


Download This Paper

Date posted: November 25, 2011  

Suggested Citation

Cumming, Douglas J. and Johan, Sofia, A New Look at Reporting Fraud: By Exchange (November 24, 2011). TILEC Discussion Paper No. 2011-050. Available at SSRN: http://ssrn.com/abstract=1964211 or http://dx.doi.org/10.2139/ssrn.1964211

Contact Information

Douglas J. Cumming (Contact Author)
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
HOME PAGE: http://www.venturecapitalprivateequitycontracting.com/
Sofia A. Johan
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
Tilburg Law and Economics Center (TILEC) ( email )
Warandelaan 2
Tilburg, 5000 LE
Netherlands
Feedback to SSRN


Paper statistics
Abstract Views: 426
Downloads: 111
Download Rank: 111,222
References:  41

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.250 seconds