Financial Research
ESG Scores Reduce Joint Fragility Exposure in Equity Markets — But Only Under Stress
This paper reframes ESG not as a source of unconditional return alpha, but as a multi-channel signal for tail-risk and fragility reduction during market stress. Using S&P 500 monthly data from 2014–2025, the authors construct a "cofragility" state capturing simultaneous adverse downside returns, vol…
Sportradar Actively Facilitates Illegal Gambling in Banned Markets as Core Business Strategy
Muddy Waters' undercover investigation at ICE 2026 revealed Sportradar's sales team promoting services to illegal gambling operators in Vietnam, Thailand, Indonesia, and China without warnings, including introductions to China's largest illegal operator Yabo Group. Code analysis and employee intervi…
Muddy Waters Alleges e.l.f. Beauty Overstated Revenue by $135M-$190M via Inventory Manipulation
Muddy Waters claims e.l.f. Beauty (ELF) inflated revenue by $135-190 million over three quarters, starting in Q2 FY24 amid inventory buildup and weakening growth. ELF attributed a $36.9 million inventory increase to a shift in sourcing practices—taking ownership of goods in China rather than at its …
Muddy Waters Shorts FTAI Aviation Over Misleading MRO Revenue from Engine Sales
Muddy Waters Research is short FTAI Aviation Ltd., alleging its financial reporting misclassifies one-time whole engine sales as recurring Maintenance Repair & Overhaul (MRO) revenue in the Aerospace Products segment. True maintenance and module sales revenues are claimed to be materially lower than…
FTAI Aerospace Products Implicated in Apparent U.S. Sanctions Violation via Iranian MRO
Muddy Waters alleges FTAI's Aerospace Products business supplied CFM-56 engines and packaging to Sorena Turbine, an Iranian aircraft MRO firm, based on LinkedIn photos and videos posted in January-February 2025 by an Iranian airline executive. Location in Iran confirmed by matching video landmarks t…