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 language | English |
|---|---|
| Pages (from-to) | 1053-1072 |
| Number of pages | 20 |
| Journal | European Journal of Finance |
| Volume | 27 |
| Issue number | 11 |
| Early online date | 28 Mar 2021 |
| DOIs | |
| Publication status | Published - 24 Jul 2021 |
Keywords
- corporate scandal
- Gender inequality
- Harvey Weinstein
Access to Document
- An_etal_EJF_International_Spillovers_Of_VoR
© 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons. org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.