Help
Cart
Skip main navigation

Available Issues

April 10, 2013 - June 5, 2026

Available Issues

April 10, 2013 - June 5, 2026

Punish One, Teach a Hundred: The Sobering Effect of Peer Punishment on the Unpunished

Published Online:17 Nov 2025https://doi.org/10.1287/mnsc.2023.03309

References

  • Agarwal S, Qian W, Zhou X (2021) Thy neighbor’s misfortune: Peer effects on consumption. Amer. Econom. J. Econom. Policy 13(2):1–25.Crossref, Google Scholar
  • Allen F, Qian Y, Tu G, Yu F (2019) Entrusted loans: A close look at China’s shadow banking system. J. Financial Econom. 133(1):18–41.Crossref, Google Scholar
  • Arena M, Julio B (2015) The effects of securities class action litigation on corporate liquidity and investment policy. J. Financial Quant. Anal. 50(1–2):251–275.Crossref, Google Scholar
  • Baker AC, Larcker DF, Wang CC (2022) How much should we trust staggered difference-in-differences estimates? J. Financial Econom. 144(2):370–395.Crossref, Google Scholar
  • Barrios JM (2021) Staggeringly problematic: A primer on staggered DiD for accounting researchers. Working paper, Washington University in St. Louis, St. Louis, MO.Google Scholar
  • Benjamin DJ, Choi JJ, Strickland AJ (2010) Social identity and preferences. Amer. Econom. Rev. 100(4):1913–1928.Crossref, Google Scholar
  • Bennedsen M, Zeume S (2017) Corporate tax havens and transparency. Rev. Financial Stud. 31(4):1221–1264.Crossref, Google Scholar
  • Bizjak J, Lemmon M, Whitby R (2009) Option backdating and board interlocks. Rev. Financial Stud. 22(11):4821–4847.Crossref, Google Scholar
  • Bordalo P, Gennaioli N, Shleifer A (2012) Salience theory of choice under risk. Quart. J. Econom. 127(3):1243–1285.Crossref, Google Scholar
  • Bordalo P, Gennaioli N, Shleifer A (2013) Salience and consumer choice. J. Political Econom. 121(5):803–843.Crossref, Google Scholar
  • Bourveau T, Gao X, Li R, Zhou FS (2025) Comply-or-explain regulation and investor protection. J. Accounting Econom. 79(2–3):101765.Crossref, Google Scholar
  • Cai J, Szeidl A (2018) Interfirm relationships and business performance. Quart. J. Econom. 133(3):1229–1282.Crossref, Google Scholar
  • Cao X, Lemmon M, Pane X, Qian M, Tian G (2019) Political promotion, CEO incentives, and the relationship between pay and performance. Management Sci. 65(7):2947–2965.Link, Google Scholar
  • Chalfin A, McCrary J (2017) Criminal deterrence: A review of the literature. J. Econom. Literature 55(1):5–48.Crossref, Google Scholar
  • Cong LW, Gao H, Ponticelli J, Yang X (2019) Credit allocation under economic stimulus: Evidence from China. Rev. Financial Stud. 32(9):3412–3460.Crossref, Google Scholar
  • D’Acunto F (2017) Tear down this Wall Street: Anti-market rhetoric, motivated beliefs, and investment. Working paper, Boston College, Chestnut Hill, MA.Google Scholar
  • D’Acunto F (2018) Identity and choice under risk. Working paper, Georgetown University, Washington, DC.Google Scholar
  • D’Acunto F, Tate G, Yang L (2018) Correcting market failures in entrepreneurial finance. Working paper, Georgetown University, Washington, DC.Google Scholar
  • D’Acunto F, Xie J, Yao J (2021a) Trust and contracts: Empirical evidence. Working paper, Georgetown University, Washington, DC.Google Scholar
  • D’Acunto F, Malmendier U, Ospina J, Weber M (2021b) Exposure to grocery prices and inflation expectations. J. Political Econom. 129(5):1615–1639.Crossref, Google Scholar
  • Desai MA, Dyck A, Zingales L (2007) Theft and taxes. J. Financial Econom. 84(3):591–623.Crossref, Google Scholar
  • Dessaint O, Matray A (2017) Do managers overreact to salient risks? Evidence from hurricane strikes. J. Financial Econom. 126(1):97–121.Crossref, Google Scholar
  • Ding W, Lin C, Schmid T, Weisbach MS (2021) Risk perceptions, board networks, and directors’ monitoring. NBER Working Paper No. 28974, National Bureau of Economic Research, Cambridge, MA.Google Scholar
  • Ding W, Lin C, Schmid T, Weisbach MS (2023) Directors’ incentives from potential regulatory penalties: Evidence from their voting. Fisher College of Business Working Paper No. 2021-03-011, The Ohio State University, Columbus.Google Scholar
  • Du F, Young SM, Tang G (2012) Influence activities and favoritism in subjective performance evaluation: Evidence from Chinese state-owned enterprises. Accounting Rev. 87(5):1555–1588.Crossref, Google Scholar
  • Dyck A, Morse A, Zingales L (2010) Who blows the whistle on corporate fraud? J. Finance 65(6):2213–2253.Crossref, Google Scholar
  • Engardio P (2005) China is a private-sector economy. Bloomberg Businessweek (August 21), https://scholar.google.com/scholar?q=Engardio%2C+P.+%282005%29.+China+is+a+private-sector+economy.+Bloomberg+Businessweek.Google Scholar
  • Fisman R, Wang Y (2010) Trading favors within Chinese business groups. Amer. Econom. Rev. 100(2):429–433.Crossref, Google Scholar
  • Gande A, Lewis CM (2009) Shareholder-initiated class action lawsuits: Shareholder wealth effects and industry spillovers. J. Financial Quant. Anal. 44(4):823–850.Crossref, Google Scholar
  • Gantchev N, Gredil OR, Jotikasthira C (2019) Governance under the gun: Spillover effects of hedge fund activism. Rev. Finance 23(6):1031–1068.Crossref, Google Scholar
  • Gao J, Kleiner K, Pacelli J (2020) Credit and punishment: Are corporate bankers disciplined for risk-taking? Rev. Financial Stud. 33(12):5706–5749.Crossref, Google Scholar
  • Gennaioli N, Shleifer A (2010) What comes to mind. Quart. J. Econom. 125(4):1399–1433.Crossref, Google Scholar
  • Gibbons R, Murphy K (1992) Optimal incentive contracts in the presence of career concerns: Theory and evidence. J. Political Econom. 100(3):468–505.Crossref, Google Scholar
  • Gleason CA, Jenkins NT, Johnson WB (2008) The contagion effects of accounting restatements. Accounting Rev. 83(1):83–110.Crossref, Google Scholar
  • Goldman J, Zeume S (2021) Who benefits from anti-corruption enforcement? Working paper, University of Illinois at Urbana-Champaign, Champaign.Google Scholar
  • Goldman E, Peyer U, Stefanescu I (2012) Financial misrepresentation and its impact on rivals. Financial Management 41(4):915–945.Crossref, Google Scholar
  • Goodman-Bacon A (2018) Public insurance and mortality: Evidence from Medicaid implementation. J. Political Econom. 126(1):216–262.Crossref, Google Scholar
  • Goodman-Bacon A (2021) Difference-in-differences with variation in treatment timing. J. Econom. 225(2):254–277.Crossref, Google Scholar
  • Gopalan R, Gormley TA, Kalda A (2018) It’s not so bad: Director bankruptcy experience and corporate risk taking. Kelley School of Business Research Paper No. 18–78, Indiana University Bloomington, Bloomington.Google Scholar
  • Gormley T, Matsa D (2011) Growing out of trouble? Corporate responses to liability risk. Rev. Financial Stud. 24(8):2781–2821.Crossref, Google Scholar
  • Groves T, Hong Y, McMillan J, Naughton B (1995) China’s evolving managerial labor market. J. Political Econom. 103(4):873–892.Crossref, Google Scholar
  • Gupta A (2019) Foreclosure contagion and the neighborhood spillover effects of mortgage defaults. J. Finance 74(5):2249–2301.Crossref, Google Scholar
  • Hachem K, Song Z (2021) Liquidity rules and credit booms. J. Political Econom. 129(10):2721–2765.Crossref, Google Scholar
  • He Z, Wei W (2023) China’s financial system and economy: A review. Annual Rev. Econom. 15:451–483.Crossref, Google Scholar
  • Hertzberg A, Liberti JM, Paravisini D (2010) Information and incentives inside the firm: Evidence from loan officer rotation. J. Finance 65(3):795–828.Crossref, Google Scholar
  • Hou D, Sun B, Tai M, Xuan Y (2024) Lending next to the courthouse: Exposure to adverse events and mortgage lending decisions. J. Financial Quant. Anal. 59(5):2375–2398.Google Scholar
  • Huang Y, Pagano M, Panizza U (2020) Local crowding-out in China. J. Finance 75(6):2855–2898.Crossref, Google Scholar
  • Huang Y, Panizza U, Portes R (2024) Corporate foreign bond issuance and interfirm loans in China. J. Internat. Econom. 152:103975.Google Scholar
  • Jiang G, Lee C, Yue H (2011) Tunneling through intercorporate loans: The China experience. J. Financial Econom. 98(1):1–20.Crossref, Google Scholar
  • Jiang G, Rao P, Yue H (2015) Tunneling through non-operational fund occupancy: An investigation based on officially identified activities. J. Corporate Finance 32:295–311.Crossref, Google Scholar
  • Kedia S, Rajgopal S (2011) Do the SEC’s enforcement preferences affect corporate misconduct? J. Accounting Econom. 51(3):259–278.Crossref, Google Scholar
  • Lin JY (2009) Economic Development and Transition: Thought, Strategy, and Viability (Cambridge University Press, Cambridge, UK).Crossref, Google Scholar
  • Lin S, Ye H (2018) Foreign direct investment, trade credit, and transmission of global liquidity shocks: Evidence from Chinese manufacturing firms. Rev. Financial Stud. 31(1):206–238.Crossref, Google Scholar
  • McMahon D (2014) Loan “guarantee chains” in China prove flimsy. The Wall Street Journal (November 23), https://www.wsj.com/articles/loan-guarantee-chains-in-china-prove-flimsy-1416775097.Google Scholar
  • Mengistae T, Xu LC (2004) Agency theory and executive compensation: The case of Chinese state-owned enterprises. J. Labor Econom. 22(3):615–637.Crossref, Google Scholar
  • Olley G, Pakes A (1996) The dynamics of productivity in the telecommunications equipment industry. Econometrica 96(1):1263–1297.Crossref, Google Scholar
  • Parsons CA, Sulaeman J, Titman S (2018) The geography of financial misconduct. J. Finance 73(5):2087–2137.Crossref, Google Scholar
  • Xu C (2011) The fundamental institutions of China’s reforms and development. J. Econom. Literature 49(4):1076–1151.Crossref, Google Scholar
  • Yasar M, Raciborski R (2008) Production function estimation in Stata using the Olley and Pakes method. Stata J. 8(2):221–231.Crossref, Google Scholar
  • Yoon AS (2021) The role of private disclosures in markets with weak institutions: Evidence from market liberalization in China. Accounting Rev. 96(4):433–455.Crossref, Google Scholar
  • Zeume S (2017) Bribes and firm value. Rev. Financial Stud. 30(5):1457–1489.Crossref, Google Scholar
Previous
Back to Top
Next
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.
Agree