Subject: OT: Everything is securities fraud
No this is not about Matt Levine's hilarious send ups of the latest fraud. However, fraud may be even more common that we know. Anyone want to buy a German manufacturer of pipes and fittings? No?

Dyck, A., Morse, A. & Zingales, L. How pervasive is corporate fraud?. Rev Account Stud (2023).
https://doi.org/10.1007/s11142...

"Our evidence suggests that in normal times only one-third of corporate frauds are detected. We estimate that on average 10% of large publicly traded firms are committing securities fraud every year, with a 95% confidence interval of 7%-14%. Combining fraud pervasiveness with existing estimates of the costs of detected and undetected fraud, we estimate that corporate fraud destroys 1.6% of equity value each year, equal to $830 billion in 2021."