Abstract

<span style="font-size: 10pt;"><span style="font-family: Times New Roman;"><p class="MsoNormalCxSpFirst" style="text-align: justify; margin: 0in 0.5in 0pt; mso-add-space: auto;"><span style="font-size: 10pt;">This paper studies the effects of earnings restatements of selected ten U. S. companies by implementing the event study methodology. The effects are asymmetric across these companies as they are heterogenous in terms of industry classifications. The effects are also conditional upon the fraud and coming-out-clean perceptions about them. Additionally, the effects are dependent on the demand prospects for their products and services. </span></p></span></span>

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