【报告主题】Financial Misconduct and Import Penetration
【主讲嘉宾】周雨晴，香港中文大学商学院助理教授
【报告时间】2025年4月8日 14:00
【报告地点】会计学院108室
【内容提要】
This paper examines the impact of financial misconduct announcements on import penetration. We find that industry-level import penetration increases significantly following such announcements by regulators. The effects are more pronounced in industries with higher profit margins, lower competition, high-quality products, consumer goods production, greater pre-fraud overinvestment, and in countries that have stricter financial disclosure regulations. We then examine firm-level data and observe that foreign firms are more likely to export into an industry after regulators announce a financial misconduct enforcement action against a U.S. firm. Additionally, the import volumes from these foreign firms rise significantly. The effects are stronger for foreign firms that are better positioned to exploit the product market opportunities created by domestic accounting fraud. Our study provides new insights into how financial misconduct can shift the competitive dynamics between domestic and foreign firms in domestic product markets.