题  目：How does the market view China’s anti-corruption campaign? Evidence from stock returns

报告人：丁浩员  助理教授      上海财经大学国际工商管理学院

主持人：夏�君   浙江大学经济学院

时  间：2014年12月26日   星期五   15:00-17:00

地  点：浙大玉泉校区外经贸大楼418室

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摘要：The new leadership in China has launched an ambitious anti-corruption campaign, but how does the market view this campaign? We examine this issue by analyzing stock market responses to announcements of anti-corruption inspections conducted by the CCDI (the Central Commission for Discipline Inspection of the CCP). Employing an event study approach, we find that inspection announcements significantly lower stock prices of firms located in the provinces to be inspected, and the fall in prices is significantly larger for politically connected firms. This finding is consistent with the view that anti-corruption inspections are effective in deterring corruption associated with political connections. Interestingly, we also observe that anti-corruption inspections have significantly larger negative effects on prices of small, private firms or firms in the non-regulated industries. A possible explanation for this finding is that local officials choose to play safe and reduce the supply of government service to firms that previously are more likely to pay grease money. The overall message of this research is that while the current anti-corruption campaign deters corruption, the market has not yet been convinced that it will result in a fairer and more efficient business environment.

                                                    CRPE秘书处
                                                    2014-12-22