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Reputational cost of securities fraud in japan under a public-enforcement-centered sanction regime

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  • Zhu, Qiaochu (Amy)

Abstract

In American legal discourse, many commentators believe that the best way to deter securities fraud is the class action, despite its serious side effect: frivolous litigation. A comparative study of securities fraud in Japan, which had an identical securities code addressing securities fraud with the U.S. before the adoption of class action, however, presents a different story.

Suggested Citation

  • Zhu, Qiaochu (Amy), 2020. "Reputational cost of securities fraud in japan under a public-enforcement-centered sanction regime," International Review of Law and Economics, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:irlaec:v:63:y:2020:i:c:s0144818820301289
    DOI: 10.1016/j.irle.2020.105915
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    References listed on IDEAS

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    1. Agrawal, Anup & Jaffe, Jeffrey F & Karpoff, Jonathan M, 1999. "Management Turnover and Governance Changes following the Revelation of Fraud," Journal of Law and Economics, University of Chicago Press, vol. 42(1), pages 309-342, April.
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    3. Karpoff, Jonathan M & Lott, John R, Jr & Wehrly, Eric W, 2005. "The Reputational Penalties for Environmental Violations: Empirical Evidence," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 653-675, October.
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    Cited by:

    1. Bashir Ahmad & Maria Ciupac-Ulici & Daniela-Georgeta Beju, 2021. "Economic and Non-Economic Variables Affecting Fraud in European Countries," Risks, MDPI, vol. 9(6), pages 1-17, June.

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