| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9834 |
| DP9834 Corporate Scandals and Household Stock Market Participation | |
| Mariassunta Giannetti; Tracy Yue Wang | |
| 发表日期 | 2014-02-16 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We show that after the revelation of corporate fraud in a state, the equity holdings of households in that state decrease significantly both in the extensive and the intensive margins. Using an exogenous shock to fraud detection and exogenous variation in households? lifetime experiences of corporate fraud, we establish that the impact of fraud revelation in local companies on household stock market participation is causal. Even households that did not hold stocks in the fraudulent firms decrease their equity holdings, and all households decrease their holdings in fraudulent firms as well as non-fraudulent firms. As a consequence of the decrease in local households? demand for equity, firms headquartered in the same state as the fraudulent firms experience a decrease in valuation and in the number of shareholders. |
| 主题 | Financial Economics |
| 关键词 | Corporate scandal Corporate securities fraud Household stock market participation Local bias |
| URL | https://cepr.org/publications/dp9834 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538669 |
| 推荐引用方式 GB/T 7714 | Mariassunta Giannetti,Tracy Yue Wang. DP9834 Corporate Scandals and Household Stock Market Participation. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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