Reputational sanctions are widely used as a regulatory tool to curb corporate misconduct. However, existing literature on its workings and effectiveness is largely limited to developed economies. We thus examine the case of China, focusing on an important yet understudied form of reputational...

China has recently carried out significant reforms on its securities market and law, strengthening the self-regulatory role of its two stock exchanges in Shanghai and Shenzhen. As a reputational sanction, public criticism by the stock exchange is considered one of the most severe self-regulatory...

We examine an important yet understudied form of reputational sanction in China, namely public criticisms imposed on culpable firms by the Chinese stock exchanges from 2013 to 2018. We find significantly negative cumulative abnormal returns around the announcement date, and they were affected by...