When and Why Do Takeovers Lead to Frauddoi:10.1111/fima.12213Hee Sub ByunWoojin KimEun Jung LeeKyung Suh ParkJohn Wiley & Sons, Ltd
Based on disclosures of embezzlement or breach of fiduciary duty in Korean public firms, we find that the probability of explicit looting in takeover targets amounts up to 13%, almost 5 times as large as in a matched sample of non‐targets. Post‐takeover fraudulent activities are mostly ...