Leone, Andrew J.
[Verfasser:in]
;
Li, Edward Xuejun
[Sonstige Person, Familie und Körperschaft];
Liu‐Watts, Michelle
[Sonstige Person, Familie und Körperschaft]
Anmerkungen:
In: Journal of Accounting & Economics (JAE), Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 13, 2020 erstellt
Beschreibung:
This study examines changes in SEC enforcement and firm cooperation after the SEC introduced its new cooperation program in 2010. While previous research shows that the SEC penalized cooperative firms prior to 2010, our results suggest that after that year, it rewarded cooperation, especially good faith actions. We also find that after 2010, the SEC increased mentions of cooperation in public speeches and publicized more details about firm cooperative activities in AAERs. Finally, we find some evidence that misconduct firms increased good faith cooperation after the SEC revised its cooperation program in 2010. Our findings suggest that having a more explicit leniency program improves its effectiveness