skip to primary navigationskip to content
 

CF Weekly Workshop - Raghavendra Rau

When May 31, 2011
from 05:00 PM to 06:00 PM
Where Winstanley Lecture Theatre, Trinity College
Contact Name
Add event to calendar vCal
iCal

Prof Raghavendra Rau

Title: 'Which Firms benefit from Bribes and How Much? Evidence from corruption cases worldwide'

We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the bribe was paid (rather than of the revelation of the bribery) and compare the bribing firms with a matched sample of competitors that have not been involved in bribery incidents. Our data enable us to describe in detail the mechanisms through which bribes affect firm value. We find that firms that win contracts by paying bribes under-perform their peers for up to three years before and after winning the contract for which the bribe was paid. Firm performance, the rank of the politicians bribed, as well as bribe-paying and bribe-taking country characteristics affect the magnitude of the bribes and the benefits that firms derive from them.

« January 2017 »
January
MoTuWeThFrSaSu
1
2345678
9101112131415
16171819202122
23242526272829
3031

RSS Feed Latest news

CERF PhD Scholarship competition 2017 - now open

Nov 08, 2016

For the fifth year, Cambridge Endowment for Research in Finance is offering a scholarship scheme.

View all news

Upcoming events

Cambridge Finance Workshop - Bart Lambrecht

Jan 26, 2017

Room W4.03, Cambridge Judge Business School

Cambridge Finance Workshop - Agostino Capponi

Feb 23, 2017

Room W4.03, Cambridge Judge Business School

Previous events

Upcoming events