Today: 26.04.2018
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Sexual misconduct costs companies millions.

Sexual misconduct has proven to be very costly for individuals’ reputations and careers in 2017, from Matt Lauer to Harvey Weinstein to Sen. Al Franken (D-Minn.), but individuals aren’t the only ones who feel the fallout. Executive scandals can also severely hit businesses’ bottom lines. A study conducted by University of Missouri finance professor Adam...
Time: 13:19     Date: 12.12.2017
Last US Business News: Sexual misconduct costs companies millions. NY Post 24 - US News

A study conducted by University of Missouri finance professor Adam Yore found that CEO missteps, including substance abuse, violence, dishonesty and sexual indiscretions can result in hundreds of millions of dollars’ worth of financial repercussions. Yore and his colleagues examined 325 instances of executive indiscretions and found that managerial mistakes resulted in an average loss of $110 million in market capitalization, while CEO indiscretions were more costly at loss of $226 million on average.

Out of the four types of indiscretions studied, Yore’s study found dishonesty and violence, the latter of which was rare, to be the most damaging.

“For the majority of indiscretion types (substance abuse, violence, and dishonesty), reputational costs are the dominant factor,” the study read, indicating that reputational risk was highest with cases of violence and dishonesty.

Yore told FOX Business that the mentality behind that conclusion is that if an executive is being dishonest in a certain area, how can business partners and consumers trust him or her in other areas?

“This reflects upon your truthfulness as an executive,” he noted.

Meanwhile, the sexual misadventure cases studied, over half of which were sexual harassment, were less financially damaging than dishonesty cases. Yore noted that “the outward costs aren’t always obvious” in these instances, but added that harassment events are often litigated. However, as noted above, reputational costs played a more significant role among respondents than direct costs.

Cyberattacks

In 2017 alone, the U.S. experienced at least two cyber breaches — Equifax and Uber — that were perceived to be handled poorly. Equifax not only waited a month to alert customers to the breach, but it also had a series of botched remedies that led many to wonder whether the company had consumers’ best interests at heart. Uber, on the other hand, kept its breach hidden for a year and even paid hackers $100,000 to keep it from the public.

While Yore’s study focused on individual mistakes, he said firms stand to lose important business partners, and customers, when trust is lost.

“It’s this idea that we can’t contract on everything, so there’s some business opportunities that we just don’t trust you,” Yore said. “How [the breaches] were handled impairs that trust. Once that’s breached, it’s kind of hard to get back.”

Business

Last US Business News: Amazon stock surges as quarterly profits double. NY Post 24 - US News
Amazon stock surges as quarterly profits double.
Amazon more than doubled its quarterly profit despite the e-commerce juggernaut’s heavy spending on warehouses and developing...
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A British trader accused of bragging that ripping off a client was like “f—ing Christmas” was sentenced to two years...
Last US Business News: Chinese start-ups hire attractive women to ‘motivate’ male coders. NY Post 24 - US News
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It might sound like something that belongs in an episode of HBO’s “Silicon Valley” which spoofs the eccentricities...
Last US Business News: Facebook exec grilled by UK Parliament over data leaks. NY Post 24 - US News
Facebook exec grilled by UK Parliament over data leaks.
A top Facebook executive got grilled Thursday by British lawmakers, who angrily demanded answers about the company’s data-leak...

Opinion

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Last US News - Opinion: America might just need more celebrity presidents. NY Post 24 - US News
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Living

US Living News: Here’s proof that teens really just need a nap. NY Post 24 - US News
Here’s proof that teens really just need a nap.
That kid dozing in the back of class may be smarter than you think. Researchers at the University of Delaware and University...
US Living News: Formerly paralyzed ESPN star: ‘I was locked in my own body’. NY Post 24 - US News
Formerly paralyzed ESPN star: ‘I was locked in my own body’.
Victoria Arlen is the picture of confidence. Truly: Right now, the 23-year-old ESPN personality is gracing giant billboards...
US Living News: Chinese start-ups hire attractive women to ‘motivate’ male coders. NY Post 24 - US News
Chinese start-ups hire attractive women to ‘motivate’ male coders.
It might sound like something that belongs in an episode of HBO’s “Silicon Valley” which spoofs the eccentricities...
US Living News: Teens take selfie on bridge moments before it collapses. NY Post 24 - US News
Teens take selfie on bridge moments before it collapses.
Three young women – including two teenagers – suffered multiple fractures after falling over 30 feet off a rundown bridge...
US Living News: ‘Fake’ $5 coin turns out to be worth millions. NY Post 24 - US News
‘Fake’ $5 coin turns out to be worth millions.
When a coin collector was told his mysterious $5 discovery was a fake by numerous experts, he began to believe it himself....
US Living News: America’s $1 trillion student-debt problem heads into its sixth year. NY Post 24 - US News
America’s $1 trillion student-debt problem heads into its sixth year.
Student debt has been a $1 trillion problem for at least six years. Six years ago, on April 25, 2012, activists took to the...
US Living News: Economists are freaking out over this checking account trend. NY Post 24 - US News
Economists are freaking out over this checking account trend.
How much money is in your checking account? Here’s why it matters — and what it might say about you. Markets are...
US Living News: College adds ‘Cry Closet’ for stressed-out students. NY Post 24 - US News
College adds ‘Cry Closet’ for stressed-out students.
Students at the University of Utah will have the opportunity to relieve stress during finals week by locking themselves in...

Business

Last US Business News: Amazon stock surges as quarterly profits double. NY Post 24 - US News
Amazon stock surges as quarterly profits double.
Amazon more than doubled its quarterly profit despite the e-commerce juggernaut’s heavy spending on warehouses and developing...
Last US Business News: Former HSBC exec gets 2 years in prison for currency scam. NY Post 24 - US News
Former HSBC exec gets 2 years in prison for currency scam.
A British trader accused of bragging that ripping off a client was like “f—ing Christmas” was sentenced to two years...
Last US Business News: Chinese start-ups hire attractive women to ‘motivate’ male coders. NY Post 24 - US News
Chinese start-ups hire attractive women to ‘motivate’ male coders.
It might sound like something that belongs in an episode of HBO’s “Silicon Valley” which spoofs the eccentricities...
Last US Business News: Facebook exec grilled by UK Parliament over data leaks. NY Post 24 - US News
Facebook exec grilled by UK Parliament over data leaks.
A top Facebook executive got grilled Thursday by British lawmakers, who angrily demanded answers about the company’s data-leak...
Last US Business News: Developer Michael Shvo settles art sales tax case for $3.5 million. NY Post 24 - US News
Developer Michael Shvo settles art sales tax case for $3.5 million.
Michael Shvo, the luxury broker turned developer, has settled his ongoing art sales criminal tax case for roughly $3.5 million,...
Last US Business News: Steve Cohen’s hedge fund sued over use of another fund’s name. NY Post 24 - US News
Steve Cohen’s hedge fund sued over use of another fund’s name.
Billionaire Steven Cohen’s hedge fund was sued on Wednesday by a San Francisco money manager seeking to stop it from using...
Last US Business News: Southwest says deadly engine disaster is hurting business. NY Post 24 - US News
Southwest says deadly engine disaster is hurting business.
Southwest Airlines on Thursday warned that fallout from a fatal mid-air explosion last week will weigh on second-quarter...
Last US Business News: Tesla’s head of Autopilot is leaving company. NY Post 24 - US News
Tesla’s head of Autopilot is leaving company.
Tesla said Jim Keller, who had been in charge of the electric-car maker’s controversial Autopilot software, has left the...

Metro

Metro News: ISIS wannabe who stabbed FBI agent gets 17 years. NY Post 24 - US News
ISIS wannabe who stabbed FBI agent gets 17 years.
An ISIS wannabe was sentenced Thursday to 17 years in prison for attempting to aid ISIS and trying to kill an FBI agent....
Metro News: Woman can’t sue husband over topless pics in sex-harassment case: judge. NY Post 24 - US News
Woman can’t sue husband over topless pics in sex-harassment case: judge.
What a buncha boobs! Back in happier times, Sandra Piedrabuena posed topless for her husband, hedge funder Russel Abrams,...
Metro News: NTSB investigates dragging death of man on LIRR platform. NY Post 24 - US News
NTSB investigates dragging death of man on LIRR platform.
The feds are investigating the death of a man who was dragged by a Long Island Rail Road train earlier this month, officials...
Metro News: Cuomo touts $1.4B in new Brooklyn projects. NY Post 24 - US News
Cuomo touts $1.4B in new Brooklyn projects.
Heading into his re-election, Gov. Cuomo on Thursday boasted that he’s set aside $1.4 billion on projects in Brooklyn....
Metro News: Senate Ethics panel scolds Menendez over gift scandal. NY Post 24 - US News
Senate Ethics panel scolds Menendez over gift scandal.
The Senate Ethics Committee on Thursday formally admonished Democratic Sen. Bob Menendez of New Jersey over his relationship...
Metro News: City doubles security barriers to protect pedestrians from terror attacks. NY Post 24 - US News
City doubles security barriers to protect pedestrians from terror attacks.
The city plans to add 3,000 new security barriers — double the number proposed in January — on sidewalks and...
Metro News: NJ has one of the highest arrest rates for marijuana. NY Post 24 - US News
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Despite being closer to legalizing marijuana than ever before, New Jersey has the highest arrest rate for pot of all other...
Metro News: Dad charged in toddler death went to jail for son’s drowning. NY Post 24 - US News
Dad charged in toddler death went to jail for son’s drowning.
A man charged in the death of his toddler daughter — found in a suitcase near New Jersey train tracks this month —...

Sport

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Mets manager facing his first moment of truth.
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It turns out the Jets did not have to “Suck for Sam” to land USC quarterback Sam Darnold. Gang Green selected Darnold...
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Giants get their man: Take Saquon Barkley at No. 2.
The Giants got their man. Do not expect Saquon Barkley to fly in wearing a red cape but he will embark on his NFL career...
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Browns take Baker Mayfield with No. 1 pick in NFL draft.
It’s Baker Mayfield to the Browns. Cleveland selected the Oklahoma Sooners quarterback Thursday with the first overall...
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Freak who got away can show Yankees what they’re missing.
During his 12 years as a Yankees baseball operations official, Billy Eppler took the time to visit Monument Park in both...