 They don't admit fraud, but they do admit that they make certain accounting choices to accelerate revenue, to defer expenditure to another period, to charge certain expenditure against different line items. So there's a fairly well-established instrument that measures accounting manipulation, but it is a deliberate action that can be taken to change the result, the financial result. It's within the letter of the law, so it's not illegal as such, but I think it is a slippery-slidey slope until it actually becomes fraudulent. Our research was about ethics or lack of ethics and how that influences corporate misbehavior. We study this from an accounting context because, as we know, many of the corporate failures that we've observed have often had accounting misinformation or what we would call corporate fraud in terms of the reporting of accounting numbers. Now, we've observed that regulators have tried to stem the tide of corporate fraud by regulating that companies need a code of conduct, but this regulation does not seem to have changed the incidence of corporate fraud. We continue to see that it exists. So what we were interested in based on the economics and the management literature is how can a firm actually influence the corporate culture which would reduce the incidences of corporate fraud. Now, we measure that by looking at the degree of accounting manipulation, the accounting manipulation of reports. And of course, accountants are very well able to do that. It's not illegal as such, we call it accounting discretionary choice, but it can mislead the performance of the firm. So we actually look to see if a firm has embedded an ethical work climate that focuses on others as opposed to focusing on self, does this influence the incidence of accounting manipulation? And we also look at if managers know that the ethical work climate is focused on self, do they actually choose to implement a different type of incentive contract? So our results actually indicate that if we observe that a department has a focus on others, they will work harder for one thing. And we also find that if the culture is a focus on self, then accounting manipulation increases. So that is the most significant finding. We also find that managers or, you know, superiors will actually use different types of performance measures when the climate that they observe in a department is a focus on self. They will use performance measures that encourage the individual to look at the impact of their actions on others within the firm. So there are a number of ways in which boards of government, boards of governance can actually change the ethical work climate. But it is going to take time and it cannot be simply window dressing in the form of changing the code of conduct with a general statement that thou will always be honest and report as accurately as possible. The actual behavior itself has to change. We know that governments cannot regulate codes of conduct. It hasn't worked in the US, it hasn't worked in Australia, and I doubt that it's worked in the Netherlands. So what this tells us is that the climate within the firm, the social norms, the culture within the firm matters. So boards of management, first of all, are the ones that choose the CEO, they choose the CFO, and they actually, one of their primary responsibilities, is to write the incentive contract. Now this study tells us that if you have certain types of CEOs with certain characteristics, you will want to write a different incentive contract. It also tells us, and the economics literature tells us, that depending on the characteristics of individuals within the firm, certain incentive contracts will actually encourage people to be trusted and to do the right things. Other incentive contracts will reinforce self-serving behavior. So there is a great deal that boards of management can do to influence the ethical work climate. The most important message, I think, from the major corporate failures that we've seen is that the tone at the top, the tone in terms of the board of management and who they appoint will make a difference to the culture and the social norms that exist within the company itself.