may have been the bane of the fund industry but a new study shows that he did get results for investors. In today's WSJ FundTrack
, Judith Burns
reports on a study by Eric Zitzewitz
, an associate economics professor at Dartmouth College, that found on average that investors received five to ten times more restitution money when Spitzer was involved in the suit. The study also found that an average of 77 percent of investor losses were recovered when Spitzer was involved, compared with 7 percent when he was not. Zitzewitz believes that the gap can be attributed to the simple fact that Spitzer was more aggressive in pursing and settling cases than the SEC, a fact many in the fund industry can testify to. The study did not however, delve into whether or not Spitzer's suits were justified in the first place.
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