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.

中文翻译：

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企业丑闻的国际溢出效应：来自哈维·韦恩斯坦事件的证据

摘要

利用一项与哈维·韦恩斯坦丑闻曝光重叠的代表性调查，我们首先发现美国的丑闻在因果上增加了意大利对性别平等的偏好。与前景理论一致，我们随后表明，在丑闻曝光后，娱乐行业的公司与其他行业的同行相比，股票价值出现了超额损失。进一步的分析表明，对于女性高管比例较高的公司，这种价值影响更大。因此，我们的结果与持有全球投资组合的机构投资者相关。