cmsw_2018: Data for CMSW

cmsw_2018R Documentation

Data for CMSW

Description

Data on whistleblowers and enforcement actions from Call et al. (2018)

Usage

cmsw_2018

Format

A tibble with 1,133 rows and 31 variables:

recid

CMSW record identifier

firmpenalty

The total firm civil and criminal monetary penalties assessed against the firm, its parent and subsidiaries consisting of disgorgement, prejudgment interest, civil fines, criminal restitution, and criminal fines in millions of dollars

otherpenalty

The total firm civil and criminal monetary penalties assessed against the agent firms and/or respondents (e.g., the audit firm, bankers, suppliers) in connection with the financial misrepresentation of the target firm, in millions of dollars

emppenalty

The total civil and criminal penalties assessed against all employees consisting of disgorgement, prejudgment interest, civil fines, criminal restitution, and criminal fines in millions of dollars

empprisonmos

Total incarceration consisting of jail, prison, home detention, and halfway house in months imposed upon employee respondents named in the enforcement action

selfdealflag

An indicator variable equal to one if the violation includes self-dealing such as embezzlement and theft by respondents and equal to zero otherwise

blckownpct

The percentage of blockholder ownership, defined as owners with at least five percent of common shares outstanding from the last 10-K or DEF 14A prior to the first public announcement the firm may be (is) subject to a regulatory enforcement action

initabret

The value-weighted market-adjusted return measured at the close of trading on the initial public announcement date that the firm may be (is) subject to a regulatory enforcement action

wbflag

An indicator variable equal to one if a whistleblower is associated with the enforcement action and equal to zero otherwise

tousesox

Post-SOX action flag

lnvioperiod

The natural logarithm of the total time the violation occurred in months as indicated in the regulatory enforcement proceedings

bribeflag

An indicator variable equal to one if the enforcement actions includes charges under the Foreign Corrupt Practices Act for bribery of a foreign official and zero otherwise

mobflag

An indicator variable equal to one if violation or any of the respondents were associated with a known organized crime family and zero otherwise

deter

An indicator variable equal to one if the violation includes an offense for either option backdating, insider trading, or an offense related to an offering, IPO, merger, or reverse merger and equal to zero otherwise

lnempcleveln

The natural logarithm of the total number of C-level respondents (e.g. CEO, COO, CFO, CAO, CMO, and CIO) named in the enforcement action

lnuscodecnt

The natural logarithm of the total number of unique code sections and rules violated (charges) associated with the enforcement action

viofraudflag

n indicator variable equal to one if fraud under 15 USC ยงยง 77q, 78j(b), or rules promulgated thereunder are included among the charges in the enforcement action

misledflag

An indicator variable equal to one if the violation included violations of 17 CFR 240.13b2-2 that prohibits materially false or misleading statement to an accountant in connection with the preparation of financial statements and zero otherwise

audit8flag

An indicator variable equal to one if the misreporting firm used a Big N auditor, and equal to zero otherwise

exectermflag

An indicator variable equal to one if the firm terminated an executive respondent as a result of the violations and equal to zero otherwise

coopflag

An indicator variable equal to one if the firm received credit in the assessment of penalties for cooperation as stated in regulatory enforcement documents during the course of the investigation and equal to zero otherwise

impedeflag

An indicator variable equal to one if regulators acknowledged they were deliberately misled and/or charges were included for lying to investigators and equal to zero otherwise

pctinddir

The percentage of the firm's directors that are independent from the last 10-K or DEF 14A prior to the first public announcement the firm may be (is) subject to a regulatory enforcement action

recidivist

An indicator variable equal to one if the firm was previously the subject of a securities regulatory enforcement action and equal to zero otherwise

lnmktcap

The natural logarithm of the market value of equity measured in millions of dollars prior to the first public announcement that the firm may be (is) subject to a regulatory enforcement action

mkt2bk

The sum of market value of equity plus total assets minus total debt divided by total assets with market value determined below and total assets and total debt measured at the last fiscal year end prior to the first public announcement the firm may be (is) subject to a regulatory enforcement action

lev

Total debt divided by total assets measured at the last fiscal year end prior to the first public announcement the firm may be (is) subject to a regulatory enforcement action

lndistance

The natural logarithm of the distance in miles from the location of the firm's headquarters to the offices of the regulator assigned to the geographic area of the firm's headquarter location (closer of the SEC Regional Office or DOJ U.S. District Attorney).

ff12

Fama-French industry code (12-industry)

wbsource

Whistleblower data source

wbtype

Whistleblower type: tipster or nontipster

Source

\Sexpr[results=rd]{tools:::Rd_expr_doi("10.1111/1475-679X.12177")}

farr documentation built on May 29, 2024, 6:41 a.m.