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17 Dec, 2023
sau sự kiện người da đen George Floyd bị viên cảnh sát da trắng giết, và phong trào Black Lives Matter (BLM), bất chấp những lời kêu gọi "giải tán" cảnh sát (defund the police), doanh thu và giá cổ phiếu của các công ty trong ngành cảnh sát (cung cấp camera theo dõi, công nghệ giám sát v.v...) đều tăng
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Do investors anticipate that demands for racial equity will impact (ảnh hưởng) companies? We explore this question in the context of the Black Lives Matter (BLM) movement—the largest racially motivated protest movement in U.S. history—and its effect on the U.S. policing industry using a novel dataset on publicly traded firms (công ty niêm yết) contracting with the police. It is unclear whether the BLM uprisings were likely to increase or decrease market valuations (định giá thị trường) of firms contracting heavily with police because of the increased interest in reforming the police, fears over rising crime, and pushes to “defund the police”. We find, in contrast to the predictions of economics (dự báo kinh tế) experts we surveyed, that in the three weeks following incidents triggering BLM uprisings, policing firms experienced a stock price increase of seven percentage points relative to the stock prices of nonpolicing firms in similar industries. In particular, firms producing surveillance technology and police accountability (trách nhiệm giải trình của cảnh sát) tools experienced higher returns following BLM activism–related events. Furthermore, policing firms’ fundamentals, such as sales, improved after the murder of George Floyd, suggesting that policing firms’ future performances bore out investors’ positive expectations following incidents triggering BLM uprisings. Our research shows how—despite BLM’s calls to reduce investment in policing and explore alternative public safety approaches—the financial market has translated high-profile violence against Black civilians and calls for systemic change into shareholder gains (lợi ích cổ đông) and additional revenues for police suppliers.
That is from a new NBER working paper by Bocar A. Ba, Roman Rivera, and Alexander Whitefield.
source: nber,
Tags: financeHồng Nhung
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