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The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China

Date: Wednesday, June 22nd, 9:00—10:30

Location:D207, Tong BO Building, Liu Lin Campus

The public lecture

Given by

Professor: Bin Ke

National University of Singapore

Abstract:

We examine the impact of Chinese President Xi Jinping’s anti-corruptioncampaign on shareholder value of publicly listed Chinese firms. We find that the anticorruptioncampaign reduces the profitability of the firms that sell luxury goods and services.The anti-corruption campaign helps reduce excessive perk consumption by luxury goods andservices consuming SOEs but, as predicted, we find no evidence that the campaign affectsexcessive perk consumption by luxury goods and services consuming non-SOEs. However, wefind no evidence that the campaign had a positive or negative impact on net shareholder valuefor luxury goods and services consuming SOEs and non-SOEs.

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