New Perspectives on Economic Crime (New Horizons in Law and - download pdf or read online

By Hans Sjogren

ISBN-10: 1843766450

ISBN-13: 9781843766452

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Extra resources for New Perspectives on Economic Crime (New Horizons in Law and Economics)

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22. 23. 24. New perspectives on economic crime shareholders in ways that may be difficult for outsiders to detect. At sufficiently high levels of management ownership, the adverse ‘entrenchment’ effect of stock ownership can thus be large enough to offset the beneficial ‘incentive’ effect. In this vein, Demsetz (1983) and Demsetz and Lehn (1985) discuss the potential for concentrated stock ownership to enable the holder to engage in ‘perquisite’ consumption at the expense of other shareholders.

News of a crime against a third party, with whom the corporation has no business dealings, is met with stock-price movements that are not distinguishable from zero, on average. This is consistent with the view that stock-price responses to crime news reflect anticipated sanctions from the product market, and that product-market participants impose those sanctions by acting in their narrow self-interest, rather than out of any sense of altruism or other reaction to the news of the misconduct. How the presence of external, or reputational, sanctions affects the enforcement authority’s optimal choice of sanction depends on what other relationship, if any, exists between the two.

22. 23. 24. New perspectives on economic crime shareholders in ways that may be difficult for outsiders to detect. At sufficiently high levels of management ownership, the adverse ‘entrenchment’ effect of stock ownership can thus be large enough to offset the beneficial ‘incentive’ effect. In this vein, Demsetz (1983) and Demsetz and Lehn (1985) discuss the potential for concentrated stock ownership to enable the holder to engage in ‘perquisite’ consumption at the expense of other shareholders.

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New Perspectives on Economic Crime (New Horizons in Law and Economics) by Hans Sjogren


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