Tag: Articles

The Signal Quality of Earnings Announcements: Evidence from an Informed Trading Cartel

This study examines the revealed preference of informed traders to infer the extent to which earnings announcements are informative of subsequent stock price responses. From 2011 to 2015, a cartel of sophisticated traders illegally obtained early access to firm press releases prior to publication and traded over 1,000 earnings announcements. I study their constrained profit maximization: which earnings announcements they…

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Sentencing the Wolf of Wall Street — White Collar Crime Prof Blog

I have just released a new article discussing the sentencing of Jordan Belfort, better known as the “Wolf of Wall Street.”  I use this case as a mechanism for considering how white collar sentencing has evolved from the 1980s until today.  In particular, the article examines the growth in uncertainty and inconsistency in sentences received by major white collar offenders…

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