題目：The Local Spillover Effect of Corporate Accounting Misconduct:Evidence from City Crime Rates（公司會計不當行為的溢出效應：來自城市犯罪率的證據(jù)）

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.

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

研究問題：公司不當行為曝光是否會影響當?shù)氐慕?jīng)濟犯罪率

研究動機：公司舞弊行為的外部性已有很多研究，但主要是針對直接的利益相關者，例如：投資者，高管以及審計師等；但是鮮有考察其更為宏觀的社會影響（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）

研究設計：OLS，舞弊曝光是t期，經(jīng)濟犯罪率是t+1期；進一步做了雙重差分（DID）分析

研究貢獻：豐富了公司不當行為的經(jīng)濟后果研究，同時在Parsons et al. (2018)基礎上拓展了研究框架，Parsons發(fā)現(xiàn)財務舞弊行為容易發(fā)生在具有更多不道德行為的城市，本文研究則發(fā)現(xiàn)財務舞弊的揭露也會影響城市的犯罪率。

特別的點：

1.X是較為罕見事件，通過大規(guī)模隨機分配模擬數(shù)據(jù)，使用安慰劑檢驗增強研究的可靠性

2.異質(zhì)性分析可以將2個變量交互都加入，觀察系數(shù)大小與顯著性

注：個人解讀，可能存在疏漏和錯誤，僅供參考(20220412)