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Yan Alperovych, Riccardo Calcagno and Philipp Geiler

A comprehensive survey of the existing literature substantiates that the structure of the systemic environment and of the firm’s corporate governance system, as well as the manager’s individual characteristics all have material implications on the incidence of corporate fraud. This chapter reviews research articles referring to either of the above-mentioned sources of corporate fraud, and examines the respective reactions of financial markets. We advance the idea that a comprehensive corporate governance system that is effective in tackling fraudulent behavior, should take into account the insights from all three sources. Moreover, we argue that a study of their interaction is likely to be one of the most innovative subjects of research in this field. We further discuss potential avenues for future research and advance a number of important policy recommendations.