Data for CMSW

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

Usage

from era_pl import load_data

data = load_data("cmsw_2018")

Use from era_py import load_data for a pandas dataframe.

Format

1,133 rows and 31 columns. Column types below describe the stored Parquet data; loaders also restore categories and date types using the packaged metadata.

Column Stored type Description
recid double CMSW record identifier
firmpenalty double 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 double 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 double 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 double Total incarceration consisting of jail, prison, home detention, and halfway house in months imposed upon employee respondents named in the enforcement action
selfdealflag bool 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 double 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 double 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 bool An indicator variable equal to one if a whistleblower is associated with the enforcement action and equal to zero otherwise
tousesox bool Post-SOX action flag
lnvioperiod double The natural logarithm of the total time the violation occurred in months as indicated in the regulatory enforcement proceedings
bribeflag bool 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 bool 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 bool 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 double 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 double The natural logarithm of the total number of unique code sections and rules violated (charges) associated with the enforcement action
viofraudflag bool n indicator variable equal to one if fraud under 15 USC §§ 77q, 78j(b), or rules promulgated thereunder are included among the charges in the enforcement action
misledflag bool 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 bool An indicator variable equal to one if the misreporting firm used a Big N auditor, and equal to zero otherwise
exectermflag bool 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 bool 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 bool 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 double 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 bool 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 double 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 double 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 double 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 double 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 int32 Fama-French industry code (12-industry)
wbtype string Whistleblower type: tipster or nontipster
wbsource string Whistleblower data source

Source

https://doi.org/10.1111/1475-679X.12177

Related R documentation.