| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28196 |
| 来源ID | Working Paper 28196 |
| Cybersecurity Risk | |
| Chris Florackis; Christodoulos Louca; Roni Michaely; Michael Weber | |
| 发表日期 | 2020-12-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Using textual analysis and comparing cybersecurity-risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all US-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns. Portfolios of firms with high exposure to cybersecurity risk outperform other firms, on average, by up to 8.3% per year. At the same time, high-exposure firms perform poorly in periods of high cybersecurity risk. Reassuringly, the measure is higher in information-technology industries, correlates with characteristics linked to firms hit by cyberattacks, and predicts future cyberattacks. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w28196 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585870 |
| 推荐引用方式 GB/T 7714 | Chris Florackis,Christodoulos Louca,Roni Michaely,et al. Cybersecurity Risk. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28196.pdf（1192KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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