COLUMBIA LAW REVIEW companies and their executives. On both exchanges, significant abnormal stock price returns occur in response to corporate disclosure of the underlying misconduct giving rise to the criticisms, as well as in response to publications of the criticisms themselves. Interviews suggest that the impact of the stock exchange criticisms extends beyond the stock market, as banks and bank regulators make use of the sanction data for their own purposes. We evaluate the role of public criticisms in China's evolving scheme of securities regulation, contributing to several strands of research on the role of the media in corporate governance, the use of shaming sanctions in corporate governance, and the importance of informal mechanisms in supporting China's economic growth.