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

Jiafu AN, Jiaman XU*

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review

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.

Original languageEnglish
Pages (from-to)1053-1072
Number of pages20
JournalEuropean Journal of Finance
Volume27
Issue number11
Early online date28 Mar 2021
DOIs
Publication statusPublished - 2021
Externally publishedYes

Keywords

  • corporate scandal
  • Gender inequality
  • Harvey Weinstein

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