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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
Call Number | Location | Available |
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JOF7106 | PSB lt.dasar - Pascasarjana | 1 |
Penerbit | The American Finance Association., |
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Edisi | - |
Subjek | corporate fraud household stock market corporate scandal |
ISBN/ISSN | 221082 |
Klasifikasi | - |
Deskripsi Fisik | - |
Info Detail Spesifik | - |
Other Version/Related | Tidak tersedia versi lain |
Lampiran Berkas | Tidak Ada Data |