Do anti‐bribery laws reduce the cost of equity? Evidence from the UK Bribery Act 2010
研究了英国2010年反贿赂法对股权隐含成本的影响，发现该法降低了贿赂风险高的英国公司的股权成本，并改善了内部控制、提高了股票流动性。
Abstract We examine the impact of the UK Bribery Act 2010 on the implied cost of equity. We find a significant reduction in the cost of equity amongst UK firms with high bribery exposure after the passage of the Bribery Act. We further show that the Bribery Act improves internal control systems and increases stock liquidity of firms with high bribery exposure. Our results suggest that more stringent anti‐bribery regulations are not always bad for the firm.