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

公司醜聞和家庭股市參與度

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

摘要：本文顯示當公司的欺詐行為被揭露之後，公司所在州的家庭股市參與度将會降低。無論這個公司是否有欺詐行為，家庭戶都會降低股票的持有率，即使他們并不持有欺詐公司的股票。而且，家庭經曆越多的公司欺詐行為将會持有越少的股票。由于安達信的隕落，更多外生的欺詐被進一步揭露。在安達信客戶較多的州，股市參與度有更大的降低。記錄效應可能折射出對股市信任的喪失，我們為此提供了證據。

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.

原文鍊接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12399/full

翻譯：阙江靜