Text
Corporate Scandals and Household Stock Market Participation
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..Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JOF7106 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The American Finance Association 2016 |
|---|---|
| Edisi | Vol. 71, Number 6, Dec. 2016 |
| Subjek | corporate fraud household stock market corporate scandal |
| ISBN/ISSN | 221082 |
| Klasifikasi | NONE |
| Deskripsi Fisik | p. 2591-2636 |
| Info Detail Spesifik | The journal of finance ; The journal of the American Finance Association (JF) |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |