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Corporate Scandals and Household Stock Market Participation
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- Giannetti, Mariassunta (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Wang, Tracy Yue (author)
- Carlson School of Management
- (creator_code:org_t)
- 2016-11-10
- 2016
- English.
- In: Journal of Finance. - : Wiley: No OnlineOpen. - 1540-6261 .- 0022-1082. ; 71:6, s. 2591-2636
- Journal article (peer-reviewed)
Abstract
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- 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.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
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- art (subject category)
- ref (subject category)
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