How stock markets react to regulatory sanctions? Evidence from France

被引：6

作者：

Kirat, Thierry ^{[1
]}

Rezaee, Amir ^{[2
]}

机构：

[1] Univ Paris Dauphine PSL, CNRS, IRISSO, Paris, France

[2] ISG Business Sch, 147 Ave Victor Hugo, F-75016 Paris, France

来源：

APPLIED ECONOMICS | 2019年 / 51卷 / 60期

关键词：

Sanctions; wrongdoings; financial regulator; reputation; abnormal returns; RETURNS; ENFORCEMENT; FIRMS;

D O I：

10.1080/00036846.2019.1644443

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Our study of how the stock market reacts to sanction announcements by the French financial regulator from 2004 to 2017 finds that the market reacts negatively when a sanction is announced in the press. 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 on financial wrongdoings has desensitized markets to announcements of sanctions against large companies.

引用

页码：6558 / 6566

页数：9

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