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N.Y. Attorney General Eliot Spitzer and His Effect on the Insurance Industry: An Event Study

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dc.contributor.advisor Kunkel, Robert
dc.contributor.author Sasse, Katie
dc.date.accessioned 2006-06-30T16:23:31Z
dc.date.available 2006-06-30T16:23:31Z
dc.date.issued 2006-05
dc.identifier.citation Oshkosh Scholar, Volume 1, 2006 en
dc.identifier.uri http://digital.library.wisc.edu/1793/6677
dc.description.abstract On October 14, 2004, New York Attorney General Eliot Spitzer shook the entire insurance industry by filing a civil lawsuit against a group of insurance companies regarding their alleged price-fixing and bid-rigging. By using event study methodology, this study determines quantitatively the effects of Spitzer's announcement on a sample set of insurance companies as measured by their stock prices. If the announcement has a significant effect on the stock prices in the sample set, a specific dollar amount can be calculated as the cost of using these questionable practices in business. Results of this study show that there is a clear negative relationship between Spitzer's announcement and the stock prices in the insurance industry. We can conclude that unethical behavior caused by a conflict of interest is costly for firms in the insurance industry, and that those firms specifically charged by Spitzer in a civil suit or singled out to be subpoenaed have significantly larger losses than the industry as a whole. en
dc.description.provenance Made available in DSpace on 2006-06-30T16:23:31Z (GMT). No. of bitstreams: 1 NY Attorney General.pdf: 664113 bytes, checksum: d37d762c62e8fc53a37b6e10246f050a (MD5) Previous issue date: 2006-05 en
dc.description.provenance Submitted by Debra Duncan (duncan@uwosh.edu) on 2006-06-30T16:23:20Z No. of bitstreams: 1 NY Attorney General.pdf: 664113 bytes, checksum: d37d762c62e8fc53a37b6e10246f050a (MD5) en
dc.description.provenance Approved for entry into archive by Debra Duncan(duncan@uwosh.edu) on 2006-06-30T16:23:31Z (GMT) No. of bitstreams: 1 NY Attorney General.pdf: 664113 bytes, checksum: d37d762c62e8fc53a37b6e10246f050a (MD5) en
dc.format.extent 664113 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US en
dc.publisher University of Wisconsin Oshkosh en
dc.subject Insurance companies -- Economic aspects. en
dc.subject Insurance companies -- Corrupt practices -- United States en
dc.title N.Y. Attorney General Eliot Spitzer and His Effect on the Insurance Industry: An Event Study en
dc.type Article en

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