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Social Norm Changes and the Behavior of Institutional Investors
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TitleSocial Norm Changes and the Behavior of Institutional Investors  
AuthorShen Yifeng, Li Peigong and Yang Jing  
OrganizationSchool of Management Xiamen University;;  
Key WordsSocial Norms; Securities Market; Institutional Investors  
AbstractWith the nationwide notorious event of poisonous milk powder, this paper empirically examines the economic consequences of social norm changes. Specifically, we focus on the impact of norm changes on the behavior of institutional investors. Our results indicate that social norms change after influential social events. Once social norm changes, the ownership of institutional investors, the market return and valuation of these stocks systematically alter. We provide the first empirical evidence of economic consequences of socail norm changes under the context of Chinese stock market in line with the seminal work by Hong and Kacperczyk (2009).  
Serial NumberWP50 
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