傳染效果向來為國內外學者在企業失敗方面（尤以金融業更盛）所探討的重要議題之一，2001年號稱美國史上最大破產案的安隆失敗剛好提供了一個極佳的機會去檢驗資訊移轉是否存在於能源產業內抑是相關負面訊息是否已蔓延到查核事務所Andersen的客戶。
本研究利用2001年不同能源產業範圍內之公司共248天的連續日報酬資料，挑選出Enron失敗期間中16個與Enron呈現直接相關及4個與Andersen呈現直接相關的重要事件，並輔以非AA客戶的比較，以看似無關的迴歸模型於平均或累積異常報酬等方面觀察公眾對能源產業整體體系或是AA查核品質的信心衝擊程度。
本研究發現雖然多件市場未預期的宣告未能對能源產業（SIC= 5172）或是Andersen的客戶於宣告當日都造成顯著負平均異常報酬的結果，但不令人意外地，就長期（累積異常報酬）而言，兩者的確因Enron失敗這三個月以來的信用危機、財務危機及破產危機而蒙受不同顯著水準程度的傳染效果；除此之外，若就與Andersen直接相關事件的累積異常報酬而言，AA與非AA客戶明顯的差異逐步出現於「面臨股東損害求償的負債」的事件中，在交雜著「Andersen總裁承認判斷錯誤」事件的影響下市場上的反應出現了兩極化的方向。最後，由於「純粹恐慌」或「訊息性」的傳染效果長期以來一直是研究爭論的焦點之一，然而於本研究額外的區域或產業檢驗中可以明確地釐清出其實Enron失敗對Andersen的客戶僅造成「訊息性」或「特定區域性」的傳染效果且其可能僅存於能源產業內AA的受查者。

This paper examines the impact of the collapse of Enron Corp. on the performance of the energy industry and Arthur Andersen clients. In addition to investigating the effects of bankruptcy announcements on the equity value of the influenced competitors, it is useful to clarify the essence of discussed contagion effects.
That is to say, a distinction is made between the Enron failure that might have been caused by adverse activities whose revelation is assumed to be uncorrelated across corporations and failures caused by problems common to many firms in the industry. The analysis uses stock prices of several solvent energy groups of different SICs, and limits the AA condition, to measure their average and cumulative abnormal returns on individual announcements and the full event period. Critical events related to the Enron failure are detected for this purpose.
The findings still support the presence of contagion effects exist, even if there is evidence that the capital markets do not react to all events. Generally speaking, if new information came out into days close to those with announcements, it would be useful to look at the surrounding period, and the tests results with the full event-period cumulative abnormal returns are as satisfying as those with five trading days during the most important announcement period, especially at the end of November. In sum, empirical results indicate that energy industry and Andersen clients experienced significant negative cumulative abnormal returns around the event date, furthermore, more clear evidence is found to support a negative reaction to the Enron failure resulting from problems common to other corporations called information contagion effects.

壹、中文部份：
李明昱、王慧蘭、張忠琳，2002年，安隆事件對財會準則及審計之衝擊及與省思，會計研究月刊，第197期：26-30。

李淑惠，民國89年，日本產業之蔓延效應，國立中正大學財務金融研究所未出版之碩士論文。

林柄滄，2002年，安隆(Enron)破產事件引發的會計危機，會計研究月刊，第195期：21-28。

──，2002年，SPE是啥玩意兒，會計研究月刊，第196期：28-32。
陳依蘋，2002年，美國史上最大破產案：安隆(Enron)深度報導，會計研究月刊，第195期：16-20。

黃金澤，2002年，Enron案省思－會計及揭露，會計研究月刊，第196期：33-42。

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