Monday, July 14, 2014

Study by Schulich professor reveals securities fraud still largely undetected in Canada and the U.K. | Schulich News & Events

Statistics reporting litigated cases of fraud on an exchange-by-exchange basis are not
readily available to investors. This paper introduces data from three countries with multiple
exchanges operating under different listing standards, – Canada, the United Kingdom and the
United States – to show litigated cases of fraud significantly vary by country, and the different
exchanges within the country. Comparisons are also made to Brazil, China and Germany to
assess out-of-sample inferences. The data examined suggest there are significant differences in
the nature of observed fraud across exchanges within the United States; by contrast, outside the
United States there appears to be a comparative lack of enforcement. The data also suggest
policy implications for the ways in which fraud should ideally be reported to improve investor
knowledge, market transparency and market quality.. Read the study 

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