Gender Diversity and Securities Fraud
研究董事会性别多样性对证券欺诈频率和严重程度的影响，发现性别多样性可降低欺诈频率，且市场对来自性别多样董事会的欺诈反应更温和，女性在男性主导行业中效果更显著。
We formulate theory on the effect of board of director gender diversity on the broad spectrum of securities fraud, and generate three key insights. First, based on ethicality, risk aversion, and diversity, we hypothesize that gender diversity on boards can operate as a significant moderator for the frequency of fraud. Second, we advance that the stock market response to fraud from a more gender-diverse board is significantly less pronounced. Third, we posit that women are more effective in male-dominated industries in reducing both the frequency and severity of fraud. Results of our novel empirical tests, based on data from a large sample of Chinese firms that committed securities fraud, are largely consistent with each of these hypotheses.