By USAID Wildlife Asia

USAID Wildlife Asia is a five-year, US$24.5 million, regional counter wildlife trafficking (CWT) initiative addressing the trafficking of pangolins, tigers, elephants and rhinos in Southeast Asia and China. The USAID Wildlife Asia Activity works to address wildlife trafficking as a transnational crime. The project aims to reduce consumer demand for wildlife parts and products, strengthen law enforcement, enhance legal and political commitment and support regional collaboration to reduce wildlife crime in Southeast Asia, particularly Cambodia, China, Lao People’s Democratic Republic (PDR), Thailand, and Vietnam. TRAFFIC is a leading non-governmental organization working globally on trade in wild animals and plants in the context of both biodiversity conservation and sustainable development. TRAFFIC collaborated with USAID and many non-governmental organizations (NGOs) when researching and writing this report. This report is the third in a series, which builds on the previous USAID digests, Counter Wildlife Trafficking Digest: Southeast Asia and China, 2017, and Counter Wildlife Trafficking Digest: Southeast Asia and China, 2018. This report covers the period January to December 2019 with a focus on pangolins, tigers, elephants, and rhinos, and highlights the key developments in legislation on conservation, outlines some of the innovative social and behavior change communication (SBCC) research projects and campaigns, and then explores the seizures made in 2019. USAID Wildlife Asia and TRAFFIC regularly collect and update documentation on the current state of wildlife trafficking of these species through a compilation of secondary sources to report on and analyze trends and changes in patterns of trade. This information provides an evidence base to support decision-making about priority interventions in policy, law enforcement, and consumer demand reduction. SBCC covers the range of campaigns and the research that provides information on demand for illegal wildlife products, as well as reducing consumer demand for these goods. A wide range of remarkable SBCC projects have been implemented since the previous digest, with new collaborations between NGOs and the travel industry, and with government agencies taking an active role in reducing demand for wildlife products. This report highlights some of these SBCC campaigns along with the gaps remaining to be filled. As with previous issues, this third issue of the digest is based on a compilation of documentation, news articles, and reports that are readily available in the English language. Unlike previous digests, some information is also drawn from translated documents held in TRAFFIC’s Wildlife Trade Information System (WiTIS). Nevertheless, it is possible that some data are still missing; therefore, USAID Wildlife Asia does not assume the figures included provide a complete data set. The recommendations provided target not only USAID Wildlife Asia directly but also the broader counter wildlife trafficking community and include a focus on social behavior change, improved law enforcement, increased government commitment, political will, and effective regional coordination.

Bangkok: USAID Wildlife Asia, 69p.

By USAID Wildlife Asia

This report is the fourth in a series of USAID Counter Wildlife Trafficking Digests (2017- 2020). This issue covers the period from January 1 to December 31, 2020 and focuses on pangolins, tigers, elephants, and rhinos. It highlights major developments in conservation legislation, outlines some of the innovative social and behavior change communication (SBCC) research projects and campaigns, and explores enforcement efforts and seizures made in 2020. It is intended that this analysis will provide a helpful summary for individuals interested in recent developments in the illegal wildlife trade, and more importantly, catalyze further actions to counter the illegal and unsustainable wildlife trade. USAID regularly collects and updates documentation on the current state of wildlife trafficking through a compilation of direct observations, published material and secondary data sources. This data is then evaluated and publicized in order to keep stakeholders and the general public informed. This information also provides an evidence base to support policy reformation, enforcement actions, consumer behavior changes, and conservation interventions.

Bangkok: United States Agency for International Development (USAID), 2022. 80p.

By Jihane Ben Yahia

Summary The goldfinch is at risk of extinction in the Maghreb. 1 Years of unrestrained poaching and trafficking have almost decimated it in Tunisia and Algeria. Morocco, its last preserve in the North African subregion, is today the main hotspot for poaching and trafficking the species. The songbird, which fetches hundreds of euros in neighbouring countries (and in Europe), is prized for its glorious voice and is domesticated and trained for singing competitions. Despite increasing awareness of the threat and many efforts to protect it, Moroccan wildlife and law enforcement authorities are struggling to detect and prosecute poachers and traffickers and prevent the eradication of this ornithological treasure. Key points ∙ The goldfinch has almost disappeared from Tunisia and Algeria and in Morocco its numbers are declining. ∙ The reduction in the population is the result of environmental factors as well as of a high demand in the sub-region and in Europe, where the bird is domesticated and trained to sing in competitions. ∙ Criminal networks use Morocco as a hub for catching goldfinch and trafficking them to Algeria and Tunisia. ∙ Morocco has adopted legislation to protect the goldfinch and launches regular operations to combat the trafficking of protected species. ∙ Bringing goldfinch associations and federations into the regulatory ambit poses a challenge. ∙ There is no dedicated strategy to address the illicit capture and trafficking of the goldfinch in the Maghreb.

ENACT - Africa, 2020. 12p.

By Willis Okumu

Summary: Sandalwood trafficking in Kenya is a multi-million dollar trade that exploits local communities and leads to deforestation. The illegal trade in sandalwood has been sustained by a network of actors, from the community level to international markets. This has resulted in the devastation of community forests and has placed the sandalwood tree at risk of extinction. Meanwhile, middle- and upper-tier actors in this criminal network continue to enrich themselves. While the mandate to protect sandalwood in the wild belongs to the Kenya Forest Services, weaknesses in the Forest Conservation and Management Act No. 34 of 2016 has enabled the prosecution of sandalwood trafficking cases though the Wildlife Conservation and Management Act of 2013. The confusion that has emanated from lack of clarity on enforcement jurisdiction has emboldened sandalwood traffickers when presented in court. Further, lack of harmony in East African conservation laws has further facilitated the protection of Kenyan sandalwood smuggled into Uganda and Tanzania. Key findings ∙ Sandalwood trafficking is an environmental crime that leads to a loss of biodiversity, which has a negative impact on the ability of communities to produce enough food to ensure their livelihoods. ∙ Women seem to control the sandalwood trafficking network in Samburu County, first as harvesters at the community level and then as the traders coordinating linkages between local communities, police officers and other members of state agencies. ∙ Sandalwood trafficking in Kenya seems to rely on state officials who protect this organised crime network. ∙ A multi-agency approach to tackling sandalwood trafficking has had some success since 2020 and should be continued. ∙ Through the support of state and community agencies, sandalwood trees can be propagated in order to enable their sustainable harvesting and the commercialisation of the trade in northern Kenya.

ENACT - Africa, 2020. 20p.

By Jacqueline Cochrane and Ashwell Glasson

Summary Technology offers a critical avenue for nimble, innovative and proactive responses to wildlife crime. Harnessing these opportunities is essential, as wildlife crime is driving the rapid, unsustainable and increasingly irreversible depletion of animal and plant populations. Wildlife crime also poses risks to human security and undermines development and governance. Technology can either boost efforts to combat wildlife crime, or exacerbate and directly enable it. New approaches are needed to develop, procure and implement technology in the wildlife crime response. This policy brief offers a framework for a sustainable and strategic approach that prioritises the human element and maximises impact. Key findings ∙ The illegal wildlife trade is the fourth largest illegal trade globally, posing significant risks to human security, development and good governance. ∙ Unlike other illicit commodities, illegal wildlife products are derived from a finite and rapidly dwindling resource. ∙ Technology is not neutral: it can either exacerbate and drive wildlife crime, or significantly boost efforts to combat it. ∙ Decision making around technology must first take stock of corruption as a core enabler of wildlife crime and must adopt a ‘back-to-basics’ approach. ∙ To be sustainable and strategic, the development, procurement and implementation of technology in combating wildlife crime needs to be human-centred.

ENACT-Africa, 2022. 16p.

By Amanda J. Aubel, Angela Bruns, Xiaoya Zhang, Shani Buggs & Nicole Kravitz-Wirtz

Living near an incident of firearm violence can negatively impact youth, regardless of whether the violence is experienced firsthand. Inequities in household and neighborhood resources may affect the prevalence and consequences of exposure across racial/ethnic groups. Findings. Using data from the Future of Families and Child Wellbeing Study and the Gun Violence Archive, we estimate that approximately 1 in 4 adolescents in large US cities lived within 800 m (0.5 miles) of a past-year firearm homicide during 2014–17. Exposure risk decreased as household income and neighborhood collective efficacy increased, though stark racial/ethnic inequities remained. Across racial/ethnic groups, adolescents in poor households in moderate or high collective efficacy neighborhoods had a similar risk of past-year firearm homicide exposure as middle-to-high income adolescents in low collective efficacy neighborhoods. Conclusions. Empowering communities to build and leverage social ties may be as impactful for reducing firearm violence exposure as income supports. Comprehensive violence prevention efforts should include systems-level strategies that jointly strengthen family and community resources.

Injury Epidemiology volume 10, Article number: 24 (2023)

By Kathryn E. Schertz, James Saxon, Carlos Cardenas-Iniguez, Luís M. A. Bettencourt, Yi Ding, Henry Hoffmann & Marc G. Berman

Crime is a costly societal issue. While many factors influence urban crime, one less-studied but potentially important factor is neighborhood greenspace. Research has shown that greenspace is often negatively associated with crime. Measuring residents’ use of greenspace, as opposed to mere physical presence, is critical to understanding this association. Here, we used cell phone mobility data to quantify local street activity and park visits in Chicago and New York City. We found that both factors were negatively associated with crime, while controlling for socio-demographic factors. Each factor explained unique variance, suggesting multiple pathways for the influence of street activity and greenspace on crime. Physical tree canopy had a smaller association with crime, and was only a significant predictor in Chicago. These findings were further supported by exploratory directed acyclic graph modeling, which found separate direct paths for both park visits and street activity to crime.

Urban Sustainability (2021) 1-19.

By Salma Hamza , Imran Khan, Linlin Lu , Hua Liu , Farkhunda Burke , Syed Nawaz-ul-Huda, Muhammad Fahad Baqa and Aqil Tariq

The geographical concentration of criminal violence is closely associated with the social, demographic, and economic structural characteristics of neighborhoods. However, few studies have investigated homicide patterns and their relationships with neighborhoods in South Asian cities. In this study, the spatial and temporal patterns of homicide incidences in Karachi from 2009 to 2018 were analyzed using the local indicators of spatial association (LISA) method. Generalized linear modeling (GLM) and geographically weighted Poisson regression (GWPR) methods were implemented to examine the relationship between influential factors and the number of homicides during the 2009–2018 period. The results demonstrate that the homicide hotspot or clustered areas with high homicide counts expanded from 2009 to 2013 and decreased from 2013 to 2018. The number of homicides in the 2017–2018 period had a positive relationship with the percentage of the population speaking Balochi. The unplanned areas with low-density residential land use were associated with low homicide counts, and the areas patrolled by police forces had a significant negative relationship with the occurrence of homicide. The GWPR models effectively characterized the varying relationships between homicide and explanatory variables across the study area. The spatio-temporal analysis methods can be adapted to explore violent crime in other cities with a similar social context.

Sustainability 2021, 13, 5520. https://doi.org/10.3390/ su13105520

Julia P Schleimer , Shani A Buggs , Christopher D McCort , Veronica A Pear , Alaina De Biasi , Elizabeth Tomsich , Aaron B Shev , Hannah S Laqueur , Garen J Wintemute

Objectives. To describe associations between neighborhood racial and economic segregation and violence during the COVID-19 pandemic. Methods. For 13 US cities, we obtained zip code-level data on 5 violence outcomes from March through July 2018 through 2020. Using negative binomial regressions and marginal contrasts, we estimated differences between quintiles of racial, economic, and racialized economic segregation using the Index of Concentration at the Extremes as a measure of neighborhood privilege (1) in 2020 and (2) relative to 2018 through 2019 (difference-in-differences). Results. In 2020, violence was higher in less-privileged neighborhoods than in the most privileged. For example, if all zip codes were in the least privileged versus most privileged quintile of racialized economic segregation, we estimated 146.2 additional aggravated assaults (95% confidence interval = 112.4, 205.8) per zip code on average across cities. Differences over time in less-privileged zip codes were greater than differences over time in the most privileged for firearm violence, aggravated assault, and homicide. Conclusions. Marginalized communities endure endemically high levels of violence. The events of 2020 exacerbated disparities in several forms of violence. Public Health Implications. To reduce violence and related disparities, immediate and long-term investments in low-income neighborhoods of color are warranted.

(Am J Public Health. 2022;112(1):144-153. https://doi.org/10.2105/AJPH.2021.306540).

By Nicholas Pope

This thesis examines the emergence and sustainment of milícias (militias) in the 1990s in the West Zone ‘margins’ of the city of Rio de Janeiro. It considers the rise of milícias as they coincide with urbanisation, economic liberalisation, democratisation, decentralisation and the rise of violent drug trafficking organisations. This thesis sets out to answer the following overarching research question: ‘How and why did milícias emerge in Rio de Janeiro’s West Zone since the 1990s and how and why were they sustained? What is their relationship to the management of (dis)order?’ The analytical approach developed to answer this question draws on an historically situated political settlements framework to understand milícias as power relations within coalition formations and as facilitators of rent extraction and distribution. The framework introduces urban and political geography literatures on frontiers to advance a thesis that milícias in Rio de Janeiro are coercive brokers that mediate urban frontier zones. This study draws on ethnographic fieldnotes from direct and participant observation, in-depth interviews and oral histories, and extensive archival research of parliamentary documents. It argues that milícias emerged to provide temporary ‘solutions’ to address the violent inequalities, structural insecurities, and the threats and insecurities posed by drug trafficking organisations in the urban frontiers. They emerged through ‘bottom-up’ processes but were also seen as convenient to political and economic elites in the central state who were unable (or unwilling) to provide formal security in the West Zone. However, this thesis makes the case that there was a trade-off for the central state as paramilitaries, as accrued power in the urban frontier, they also attempted to reshape state institutions. Because of their roots in local communities, this thesis also recognises the dependency of milícias on legitimacy, ideas, beliefs and norms, and the power imbued in community relations. This study contributes to the literatures on milícias by accounting for their role as co-producers of (dis)order in the urban margins, the literature on political settlements by intertwining questions of violence and conflict with spatiality, and finally the Latin American literatures on local political order and governance by advancing a conceptualisation of armed groups straddling state and society and challenging conventional state/-non-state binaries.

London: Department of Development Studies SOAS, University of London , 2019. 307p.

By Cheyenne Pamela Hodgen

This thesis presents two individual research papers that examine the relationship between greenspaces and crime in Portland, Oregon. The two papers use an adapted street network buffer to better measure crime concentration around discrete locations. This methodological development allows for an improved measure of crime concentration around discrete locations. The first contribution, presented in Chapter 2, explores the relationship between different greenspace types and crime, breaking down different crime types into discrete categories. The results of this study suggest that overall, Portland greenspaces do not experience a concentration of crime, however, different patterns emerge as greenspace and crime types are disaggregated. Only one greenspace type, small parks, appear to be important local features—experiencing a high concentration of crime—while other types experienced a concentration of a few crime types, or none at all. Building off of these results, the second contribution—Chapter 3—examines the relationship between small parks and crime in more detail, looking at the level of crime concentration beyond the park, the presence of certain amenities, and the surrounding landuse zoning. A non-linear pattern in the level of crime concentration was found in the 3- block area around parks. Three park characteristics (statues/public art, water features/fountains, and plazas) were found to be associated with higher levels of crime at parks, while one characteristic (unpaved paths) and two activity generators (soccer fields and softball fields) were associated with lower levels of crime. The surrounding zoning also had an impact on crime at parks, with parks with exclusively or majority residential land use experiencing lower levels of crime.

Portland, OR: Portland State University 2023.

By Yiying Wang

This Paper Is Dedicated To The Completion Of A Visual Urban Report On Safety In Informal Settlements. This Research Explores The History Of Apartheid In South Africa And Investigates How Urban Development Processes Within Informal Settlements Contribute To The Development Of Unsafe Neighbourhoods. Cape Town And The Largest Of These Slums, Khayelitsha, Were Selected As Macro And Micro Cases. Also The Barrio Ciudad Project In Honduras Was Analysed In This Study As A Best Practice Case Study. This Provides Insight Into How Design And Non-Design Measures Can Be Used To Address Insecurity In Informal Settlements.

2022 5th International Conference on Economy Development and Social Sciences Research (EDSSR 2022) 7p.

By Zahid ul Arefin Choudhoury, Fahima Durrat, Maria Hussain, et al.

The study takes up the pertinent challenges in human rights work of consistent lacks, deficiencies and uncertainties in human rights work and human rights reporting. These challenges pose questions to the human rights community on how to provide reliable information on violence, torture and ill-treatment, which includes the detection and identification of both victims and perpetrators necessary to ensure individual justice and institutional accountability. The report demonstrates that it is possible to address sensitive political issues of governance and violence, even in a nervous political setting, and produce relevant and solid data on violent encounters, that describes the unfolding of these events and the effects on life and livelihood, including health and economy, of the individuals and families involved. The richness and depths of the data confirms the usefulness of the methodological approach, at least in Korail Basti in the centre of Dhaka. It indicates a potential for broader and hopefully general applicability in other similar areas of the city, the country or the region and perhaps even at a global level. Confirming this general applicability would entail the need to replicate, adapt and carry through the study in additional sites and places with other contextual social, political and economic conditions and configurations. The solidity of the survey’s findings is a promising result of the study and could be a possible departure point for further testing of the proposed methodology

Bangladesh, UK and Denmark: University of Dhaka Department of Peace and Conflict Studies, DIGNITY and University of Edinburgh Anthropology Department, 2016. 110p.

By Julia Yansura and Lakshmi Kumar

In this report, Global Financial Integrity (GFI) presents an analysis of narcotics-related illicit financial flows between the United States and the major narcotics production and transit countries of Mexico and Colombia. The report was commissioned by the Western Hemisphere Drug Policy Commission as part of its mandate to evaluate US drug policies and programs in Latin America and the Caribbean, assess current efforts to reduce the illicit drug supply and address the harms associated with trafficking and drug abuse. A variety of strategies can and have been used to address drug trafficking in the Western Hemisphere, from manual and aerial crop eradication, to interdiction, illicit crop substitution and other alternate development approaches. While existing strategies have resulted in temporary disruptions to narcotics cultivation and trafficking, they have not been successful in addressing these issues in a comprehensive, lasting manner. At the same time, history has shown that many of these policies have had unintended consequences and caused harm to people, their communities and the environment in very profound ways. Financial strategies from the anti-money laundering and counter financing of terrorism (AML/CFT) toolkit offer a different lens to view and address the problem of drug trafficking. In this report, GFI argues that AML/CFT is underutilized in current US and regional counter-narcotics efforts and needs to be reprioritized. Effectively responding to the challenges of drug trafficking and transnational organized crime will require a multi-pronged, multi-stakeholder and multi-disciplinary effort that includes AML/CFT, as well as a more comprehensive approach to drug policies that encompasses human rights, public health and development.

Washington, DC: Global Financial Integrity , 2020. 67p.

By PwC

What are the biggest external frauds on the rise, what should you be aware of and how can you mitigate against them? We are delighted to share the key results of PwC’s Global Economic Crime and Fraud Survey 2022. External threats are on the rise. Preventing fraud and other economic crimes is a complex challenge, complicated even further by today’s volatile risk landscape. As organisations act quickly to navigate change, bad actors look to exploit the potentially widening cracks in fraud defenses.

London: PwC, 2022. 15p.

By The Blue Ribbon Panel on MTA Fare and Toll Evasion, Metropolitan Transportation Authority

Fare and toll evasion is a sensitive issue that raises difficult questions about social cohesion, inequality, and appropriate use of enforcement. But the situation in New York has reached a crisis level, and avoiding the topic is no longer a viable option. Losses to the MTA’s operating budget are staggering, with nearly $700 million in revenue not collected in 2022 alone. This includes $315 million lost in bus fares, $285 million in subway fares, $46 million in bridge and tunnel tolls, and $44 million in railroad fares. Fares and tolls account for a significant proportion of the MTA’s annual budget revenue — almost $7 billion a year. But every dollar lost to evasion impairs the MTA’s financial stability, threatens reliable transit for all New Yorkers, and increases the need for alternative revenue sources, including through larger fare and toll hikes. The MTA convened a Blue-Ribbon Panel of high-profile New Yorkers with expertise in relevant fields to better understand fare and toll evasion, and develop fresh solutions to the issue. Panelists spent the better part of a year meeting with stakeholders inside and outside the MTA, speaking with transit users, and observing fare and toll collection operations throughout the system. The panel’s final report proposes a cohesive and comprehensive set of strategies around education, environment, equity, and enforcement.

New York: MTA, 2023. 125p.

By G. Herbert

This review provides a summary of the evidence on Illicit Financial Flows (IFFs) between China and developing countries in Africa and Asia. Specifically, it looks at the evidence on how IFFs to and from China impact on developing countries, as well as on the drivers of IFFs and of how flows are facilitated. The review draws upon a combination of academic and grey literature sources, though it is not exhaustive and only draws upon English language sources. IFFs involving China have attracted particular attention, due to estimates suggesting it is responsible for the largest IFFs by value globally. However, little has been published to date specifically on IFFs between China and developing countries. This paper attempts to help address this gap. Section 2 provides some background information on the debates and uncertainties around IFFs, including conceptual issues, difficulties in measuring these flows, and their potential impacts, as well as attempts to quantify China’s overall IFFs. Section 3 focuses on trade-related IFFs between China and developing countries in Asia and Africa. Discrepancies indicative of potential IFFs are identified using trade data from 2018 and an attempt is made to determine the scale of the revenue consequences of trade is-invoicing for China’s developing country partners. Section 4 considers IFFs-related to corrupt business practices, focusing largely on Chinese investment in Africa. Section 5 moves on to consider IFFs that relate to the trade in illegal products, including illegal narcotics, human trafficking, the illegal arms trade, the illegal wildlife trade, the illegal organ trade, and the trade-in counterfeit products. Finally, Section 6 discusses enabling environment factors relevant to IFFs between China and developing countries.

K4D Helpdesk Report.

Brighton, UK: Institute of Development Studies. 2020. 37p.

By INTERPOL

With the increase in Internet coverage, online trade of illicit goods is likely increasing on the African continent. In recent years, cyber-enabled crimes have increased on the African continent. This has been a result of a combination of factors, including, the improvement of Internet coverage, the wide availability of cyber-tools and the growing flexibility of cybercriminals. As a consequence, online crime nowadays represents a bigger security issue for law enforcement in African member countries than ever before. In this framework, INTERPOL, under the European Union funded ENACT Project, examines through this assessment the issue of cyber and cyber-enabled crimes in Africa in order to help drive a more strategic law enforcement response.

Lyon, France: INTERPOL, 2020. 79p.

By INTERPOL

The development of mobile money services in Africa offer criminals a substantial opportunity to utilize these services to target victims in a variety of crimes as well as to further enable other forms of criminality. This rapid service development combined with criminal opportunities represents a security issue of interest to all member countries in Africa and poses a significant challenge to law enforcement agencies in member countries. As a result, INTERPOL, under the European Union funded ENACT Project, has assessed this issue in order to help drive a more strategic law enforcement response. Criminals and criminal organizations will most probably continue to utilize mobile money services following the recent increase in their popularity and the prominent role such services now play in society across Africa. This prominent role in society has enabled criminals to exploit weaknesses in regulations and identification systems, further enabled by a lack of experience and resources in law enforcement. Crime types have been identified that exploit mobile money services across Africa. These primarily include various types of fraud that target the distinct stages of deployment for mobile money services. Whilst acquisitive crimes significantly impact the lives of victims, criminals have also identified further opportunities to exploit mobile money services to assist other criminal activities. These ‘mobile money enabled crimes’ include illicit commodities purchases, terrorism financing and firearm enabled crime. Such significant crimes pose a threat to stability and security across Africa if not addressed by member countries. The threat from criminality facilitated by mobile money services in Africa is substantial, yet there is sometimes limited capacity amongst law enforcement to manage this complex issue, especially concerning the technical expertise required to utilise relevant evidence in the criminal justice system. As mobile money services develop interoperability across Africa, stronger partnerships amongst all law enforcement agencies, greater awareness of the overall issue at a regional level and identification of best practice responses from such agencies will be required. INTERPOL is in a position to support member countries through coordinated, intelligence led support to law enforcement using a range of police databases and operational support techniques.

Lyon, France: INTERPOL, 2020. 63p.

By Laure de Batza and Evžen Kočendab

We provide the first quantitative synthesis of the literature on how financial markets react to the disclosure of financial crimes committed by listed firms. While consensus expects negative stock price returns, the exact size of the effect is far from clear. We surveyed 111 studies published over three decades, from which we collected 480 estimates from event studies. Then, we perform a thorough meta-analysis based on the most recent available techniques. We show that the negative abnormal returns found in the literature seem to be exaggerated by more than three times. Hence, the “punishment” effect, including a reputational penalty, suffers from a serious publication bias. After controlling for this bias, negative abnormal returns suggest the existence of an informational effect. We also document that accounting frauds, crimes committed in common-law countries such as the United States, and allegations are particularly severely sanctioned by financial markets, while the information channels and types of procedures do not influence market reactions.

Munich : Munich Society for the Promotion of Economic Research - CESifo, 2023. 82p.