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

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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
JournalEuropean Journal of Finance
Early online date28 Mar 2021
DOIs
Publication statusEarly online - 28 Mar 2021

Documents

  • REJF-2020-0340 International Spillovers of Corporate Scandal Evidence from the Harvey Weinstein Event

    Rights statement: This is an Accepted Manuscript of an article published by Taylor & Francis in The European Journal of Finance on 28.03.2021, available online: http://www.tandfonline.com/doi/full/10.1080/1351847X.2021.1906729.

    Accepted author manuscript (Post-print), 575 KB, PDF document

    Due to publisher’s copyright restrictions, this document is not freely available to download from this website until: 28/09/22

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