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Availability of accurate and reliable information in financial markets helps investors make well-informed decisions on capital allocations which is beneficial for long-term economic growth. In this regards, the role of auditing firms that inspect the financial statements of the publicly traded companies in sound operation of financial markets has been increasing. The Capital Market Board of Turkey (CMBT) has the task and responsibility of investigating fraudulent information disseminated by the firms whose stocks are traded in Borsa Istanbul. The investigations can lead to monetary penalties if fraud is proven and the results are published by CMBT in its weekly bulletin. The present study aims to examine the effect of announcements of financial irregularities of companies in CMBT Bulletin on the performance of the relevant company stock in the short term.

This study uses abnormal return, cumulative abnormal return and cumulative average abnormal return as metrics and parametric, as well as non-parametric tests to ascertain whether the announcements of financial irregularities in company operations have any statistically significant effect on the return of its stock.

The results indicate that publication of the financial penalty news by CMBT in its bulletin has almost no statistically significant influence on the performance of the relevant companies’ stock in Borsa Istanbul. The findings indicate that either the investors in this particular markets do not consider such news relevant to long-term success of the firm or the announcement does not provide any new information and penalties have been priced into the stock before the announcement in the bulletin.

In literature there is no more research about the effect of the announcements of administrative monetary penalties and crime complaints on the stock returns.

This paper gathers tourism digital footprint from online travel platforms, choosing social network analysis method to learn the structure of destination networks and to probe into the features of tourist flow network structure and flow characteristics in Guilin of China.

The digital footprint of tourists can be applied to study the behaviors and laws of digital footprint. This research contributes to improving the understanding of demand-driven network relationships among tourist attractions in a destination.

(1) Yulong River, Yangshuo West Street, Longji Terraced Fields, Silver Rock and Four Lakes are the divergent and agglomerative centers of tourist flow, which are the top tourist attractions for transiting tourists. (2) The core-periphery structure of the network is clearly stratified. More specifically, the core nodes in the network are prominent and the core area of the network has weak interaction with the peripheral area. (3) There are eight cohesive subgroups in the network structure, which contains certain differences in the radiation effects.

This research aims at exploring the spatial network structure characteristics of tourism flows in Guilin by analyzing the online footprints of tourists. It takes a good try to analyze the application of network footprint with the research of tourism flow characteristics, and also provides a theoretical reference for the design of tourist routes and the cooperative marketing among various attractions.