FIGURE 1 American Accounting Association’s Concept Documents (The full-color version is available online.) More

FIGURE 2 A Network Map of the Relationship of Scholarship across Disciplines (The full-color version is available online.) More

FIGURE 1 Wells Notice Disclosures This figure shows the lag, in months, between when the SEC opens an investigation and when the SEC issues a Wells notice. The sample is comprised of 72 firms that disclosed the exact date when they received a Wells notice. The mean (median) lag between when the S... More

FIGURE 2 SEC Enforcement Process More

FIGURE 3 Stock Performance Following the Opening of an Investigation The dashed line plots the median buy-and-hold raw returns following the opening of investigations by the SEC’s Division of Enforcement in our sample, relative to the equal-weighted CRSP benchmark over the same period. Next, for ... More

FIGURE 4 Month of First Disclosure In this figure, we provide frequency of the months in which firms first disclose that they are under an SEC investigation. Thus, the month 1 bin provides the number of firms that disclose that they are under investigation between 0 and 30 days (inclusive) after ... More

FIGURE 1 Comment Letter Reviews and Continuity by SEC Fiscal Year In Panel A, we plot the number of observations (comment letter reviews) in our sample over time. In Panel B, we plot average continuity (%Continuity) in our sample over time. The SEC fiscal year runs from October 1 through September 30. (The full-color version is available online.) More

FIGURE 1 Model Timeline More

FIGURE 2 Restructuring Policy as a Function of the Probability of Success (The full-color version is available online.) More

FIGURE 1 Timeline of The Basic Model More