Does backdating explain the stock price pattern

And, tellingly, the losses are attenuated when tainted management of less successful firms is more likely to be replaced and relatively many firms become takeover targets.

We thank Thomas Lys (the Editor) and an anonymous referee for helping us improve the paper.

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This can be seen in the market losses associated with financial statement frauds uncovered at firms such as Enron, World Com, Tyco, and Health South.

As a result of these frauds and others, the US Federal Government passed the Sarbanes-Oxley Act in 2002 in order to help restore investor confidence in the modern corporate structure.

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Curbing corporate misbehaviour is a key policy goal but fixing the problem requires an understanding of what causes it.

This column develops an innovative empirical approach that identifies unethical CEOs as an important cause of unethical corporation behaviour.

We are also grateful to Sandro Andrade, Jennifer Carpenter, Jay Emerson, Doug Emery, Yaniv Grinstein, Shane Heitzman, Xi Li, Evgeny Lyandes, Howard Mulcahey, Robert Neal, Katherine Schipper, Douglas Skinner, Jerry Zimmermann, seminar participants at the University of Miami and the Securities & Exchange Commission (SEC), and participants of the 2007 Journal of Accounting & Economics Conference and the Western Finance Association 2008 Meetings for their comments and suggestions; and to Hernan Awad for his invaluable help in designing the Monte-Carlo simulations used to compute the grant dates’ odds.

Finally, we gratefully acknowledge the special efforts and contributions in support of this study by Michael Schwert, Duke University, and Erin Redoutey and Raul Izquierdo, Univeristy of Miami.

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