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, Dummy_2005 is a dummy variable that takes the value if 1 if the case was revealed in or after 2005 and zero otherwise

, Court_SEC is an ordinal variable that considers the district court that settles the SEC case

. Anti-bribery, Provision is a dummy variable that takes the value of 1 if the case is settled under the anti-bribery provision and zero otherwise

, Alternative Dependent variables used in the robustness tests

, Investment (Invt), measured as Capital Expenditures / lagged Property, Plant and Equipment, 2005.

, measured as Capex, plus R&D, plus acquisition minus sale of ppe, scaled by total assets following (Richardson, 2006) Investment expenditure to maintain assets in place (Imaint), measured as Amortization and Depreciation Expense scaled by total assets (Richardson, 2006) Investment in New projects (Inew), measured as Capex, plus R&D, plus acquisition minus sale of ppe, minus Amortization and Depreciation Expense scaled by total assets, Total Investment (Itot), p.224, 2006.

, Table 3.12 -OLS Subsamples regressions of the change in Investment level for Peers around FCPA awareness in the industry before 2005 and in/after 2005 by quartiles using Invt, calculated as Capex divided by lagged ppent (?) Table 3.17 -OLS Subsamples regressions of the change in Investment level around FCPA awareness in the industry before 2005 and in/after 2005 by quartiles using Total Investment