We investigate labor market consequences for CFOs employed by fraud firms, focusing on reputational contagion for those … case. We compare these CFOs to a matched sample of non-fraud CFOs and track both turnover and subsequent employment … positions. Non-implicated CFOs are more likely to experience turnover compared to non-fraud CFOs, driven in particular by the …

This paper derives conditions under which reputation enables certifiers to resist capture. These conditions alone have … natural monopoly. 3) Price competition tends to a monopolization. The results derive from a general principle of reputation … efficient market institutions that sell reputation as a service to other firms. …