Financial Misrepresentation and Its Impact on Rivals
研究指控财务欺诈的公告如何影响被指控公司的行业竞争对手，发现竞争不激烈的行业中竞争对手受益，而竞争激烈的行业中信息溢出效应主导，导致竞争对手股东回报为负。
This paper examines how the announcement of an accusation of fraudulent financial misrepresentation affects industry rivals of the accused firm. Consistent with the importance of the industry competition effect, we find that rivals in less competitive industries benefit from the event. However, in competitive industries, the information spillover effect dominates the competition effect, resulting in negative returns to rival shareholders following the event. The spillover effect increases in importance with the severity of the accusation and is more important for opaque rivals and for rivals that had positive stock price reactions to past positive earnings surprises of the accused firm.