International spillovers of corporate scandal: evidence from the Harvey Weinstein event

An, Jiafu and Xu, Jiaman ORCID: https://orcid.org/0000-0002-3969-0841 2021. International spillovers of corporate scandal: evidence from the Harvey Weinstein event. European Journal of Finance 27 (11) , pp. 1053-1072. 10.1080/1351847X.2021.1906729

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Abstract

Exploiting a representative survey which overlapped with the revelation of the Harvey Weinstein scandal, we firstly discover that the scandal in the United States causally increased the preference for gender equality in Italy. Consistent with prospect theory, we then show that firms in the entertainment industry experienced excess loss in share value compared to their peers in other industries immediately following the revelation of the scandal. Further analyses suggest that this value impact is stronger for firms with a higher percentage of women executives. Our results are thus relevant for institutional investors holding a global portfolio.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Publisher:	Taylor and Francis Group
ISSN:	1351-847X
Date of First Compliant Deposit:	13 December 2024
Date of Acceptance:	17 March 2021
Last Modified:	13 Dec 2024 11:27
URI:	https://orca.cardiff.ac.uk/id/eprint/174580

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