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Whistleblowers on the board? The role of independent directors in cartel prosecutions
(Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía, Departamento de Economía, 2017)
Stock market reactions to news of cartel prosecutions are muted when indicted firms have a high
proportion of independent directors serving on their boards. This finding is robust to self-selection
and is more pronounced ...