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How stock markets react to regulatory sanctions? Evidence from France

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Date
2019
Dewey
Sociologie économique
Sujet
Sanctions; wrongdoings; financial regulator; reputation; abnormal returns
JEL code
K.K2.K22; K.K2.K23; G.G1.G14; K.K4.K42
Journal issue
Applied Economics
Volume
51
Number
60
Publication date
2019
Article pages
6558-6566
Publisher
Taylor & Francis
DOI
http://dx.doi.org/10.1080/00036846.2019.1644443
URI
https://basepub.dauphine.fr/handle/123456789/19958
Collections
  • IRISSO : Publications
Metadata
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Author
Kirat, Thierry
184082 Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Rezaee, Amir
172727 Institut Supérieur de Gestion [ISG]
Type
Article accepté pour publication ou publié
Abstract (EN)
Our study of how stock market reacts to sanction announcements by the French financial regulator from 2004 to 2014 finds that market reacts negatively when a sanction is announced to the firm or in the press, but that market fails to react at the opening of proceedings for possible sanctions. Cross sectional regression models show that the penalties are too low to influence market reactions. Our results suggest that after the Financial Crisis of 2008, a plethora of news of financial wrongdoings have desensitized markets to announcements of sanctions against large companies

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