How pervasive is corporate fraud?

How common is corporate fraud? From an academic paper published by Springer:

We find that two out of three corporate frauds go undetected, implying that, pre Sox, 41% of large public firms were misreporting their financial accounts in a material way and 10% of the firms were committing securities fraud, imposing an annual cost of $254 billion on investors.

How pervasive is corporate fraud?

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