The Journal of Finance Volume 71, Issue 6, December 2016, Pages 2591–2636

公司丑闻和家庭股市参与度

作者：Mariassunta Giannetti (Department Finance, the Stockholm School of Economics), Tracy Yue Wang (Carlson School of Management, the University of Minnesota)

摘要：本文显示当公司的欺诈行为被揭露之后，公司所在州的家庭股市参与度将会降低。无论这个公司是否有欺诈行为，家庭户都会降低股票的持有率，即使他们并不持有欺诈公司的股票。而且，家庭经历越多的公司欺诈行为将会持有越少的股票。由于安达信的陨落，更多外生的欺诈被进一步揭露。在安达信客户较多的州，股市参与度有更大的降低。记录效应可能折射出对股市信任的丧失，我们为此提供了证据。

Corporate Scandals and Household Stock Market Participation

Mariassunta Giannetti (Department Finance, the Stockholm School of Economics), Tracy Yue Wang (Carlson School of Management, the University of Minnesota)

ABSTRACT

We show that, after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease holdings in fraudulent as well as nonfraudulent firms, even if they do not hold stocks in fraudulent firms. Within a state, households with more lifetime experience of corporate fraud hold less equity. Following the exogenous increase in fraud revelation due to Arthur Andersen's demise, states with more Arthur Andersen clients experience a larger decrease in stock market participation. We provide evidence that the documented effect is likely to reflect a loss of trust in the stock market.

原文链接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12399/full

翻译：阙江静