公司舞弊行为的社会影响（CAR2021）

题目：The Local Spillover Effect of Corporate Accounting Misconduct:Evidence from City Crime Rates（公司会计不当行为的溢出效应：来自城市犯罪率的证据）

摘要：This study documents a spillover effect of accounting fraud by showing that after the revelation of accounting misconduct, there is an increase in financially motivated neighborhood crime (robberies,thefts, etc.) in the cities where these misconduct firms are located. We find that more visible accounting frauds (e.g., greater media attention and larger stock price declines) are more strongly associated with a future increase in financially motivated neighborhood crime. We also find that the association between fraud revelation and increased future financially motivated crime is strongest when local job markets are shallower and where local income inequality is high, consistent with adverse shocks from fraud putting pressure on local communities. Combined, our study provides evidence that the societal ramifications of corporate accounting misconduct extend beyond adversely impacting a firm’s capital providers and industry peers to negatively influence the daily life of the residents in the firm’s local community.

链接：https://onlinelibrary.wiley.com/doi/full/10.1111/1911-3846.12659

研究问题：公司不当行为曝光是否会影响当地的经济犯罪率

研究动机：公司舞弊行为的外部性已有很多研究，但主要是针对直接的利益相关者，例如：投资者，高管以及审计师等；但是鲜有考察其更为宏观的社会影响（While the implications for those directly involved in the misconduct are well documented, the broader spillover impacts of corporate accounting misconduct on society are less clear）

研究设计：OLS，舞弊曝光是t期，经济犯罪率是t+1期；进一步做了双重差分（DID）分析

研究贡献：丰富了公司不当行为的经济后果研究，同时在Parsons et al. (2018)基础上拓展了研究框架，Parsons发现财务舞弊行为容易发生在具有更多不道德行为的城市，本文研究则发现财务舞弊的揭露也会影响城市的犯罪率。

特别的点：

1.X是较为罕见事件，通过大规模随机分配模拟数据，使用安慰剂检验增强研究的可靠性

2.异质性分析可以将2个变量交互都加入，观察系数大小与显著性

注：个人解读，可能存在疏漏和错误，仅供参考(20220412)