Does extended auditor disclosure deter managerial bad-news hoarding? Evidence from crash risk [PDF]
Journal of Corporate Finance, 2022 We examine how the mandatory adoption of extended auditor's reports (EARs) affects managerial bad-news hoarding through the lens of stock price crash risk. Relying on the UK's auditing standard change in 2013 as a quasi-natural experiment, we document a crash risk reduction for firms that were required to adopt EARs, relative to firms that were not so ...
Lu Xing, Donghui Li
exaly +5 more sources
Idiosyncratic Political Risk and Bad News Hoarding [PDF]
Financial ReviewABSTRACT Managers may respond to greater political risk by suppressing unfavorable news from outsiders to manage investors’ perceptions about firm risk and protect their careers. However, they may also avoid engaging in bad news hoarding activities because exposure to political risk increases firm visibility and attracts greater ...
Colak, Gonul +2 more
exaly +7 more sources
Do external labour market incentives constrain bad news hoarding? The CEO's industry tournament and crash risk reduction [PDF]
Journal of Corporate Finance, 2020 We find that a CEO's industry tournament incentives (CITI) induce a CEO to undertake strategies that reduce the propensity of a firm to incur future stock price crash risk. CITI also has a mitigating effect on accounting techniques (such as, accrual manipulation, real earnings management, and financial restatement) used as channels for obfuscation and,
Shams Pathan +2 more
exaly +7 more sources
The unintended cost of data breach notification laws: Evidence from managerial bad news hoarding [PDF]
Journal of Business Finance & Accounting, 2021 AbstractWe investigate how nonfinancial disclosure laws exacerbate agency issues in firms. Our analysis focuses on the staggered adoption of state‐level notification laws that require firms to disclose data breaches. Our findings reveal that the introduction of these laws increases the risk of stock price crashes.
Ivan Obaydin, Limin Xu, Ralf Zurbruegg
openaire +2 more sources
The Effect of Dividend Payments and Bad News Hoarding on Stock Price Crash Risk with an Emphasis on Information Asymmetry [PDF]
بررسیهای حسابداری و حسابرسی, 2017 This study examines the impact of dividend payments and bad news hoarding on stock price crash risk with an emphasis on information asymmetry. In this regard, 123 companies were selected for the period of 2009-2014.
Younes Badavar Nahandi +1 more
doaj +2 more sources
Corporate pledgeable asset ownership and stock price crash risk [PDF]
Financial Innovation, 2022 We investigate how a firm’s corporate pledgeable asset ownership (CPAO) affects the risk of future stock price crashes. Using pledgeable asset ownership and crash risk data for a large sample of U.S. firms, we provide novel empirical evidence that a firm’
Hail Jung +3 more
doaj +2 more sources
Pledgee competition, strategic disclosure, and future crash risk [PDF]
China Journal of Accounting Research, 2019 We investigate whether pledgee competition affects the disclosure choice of firms whose controlling shareholders pledge their shares. We find that pledgee competition is positively related to pledge firms’ annual report tone management.
Xiaoxi Li, Jing Liu, Kemin Wang
doaj +2 more sources
Company's diversification strategy and crash risk stock prices emphasizing operational slack and management ability [PDF]
مدیریت نوآوری و راهبردهای عملیاتی, 2023 Purpose: Investors significantly value the risk of falling and consider the risk of falling as an important pricing factor. The negative price changes are also affected by managers' ability to choose strategies and properly implement the company's ...
Majid Moradi +2 more
doaj +1 more source
The Impact of Debt Maturity on Stock Price Crash Risk with an Emphasis on Information Asymmetry [PDF]
Journal of Asset Management and Financing, 2018 Short-term debt subjects managers to frequent monitoring, thus effectively reducing managerial discretion and enhancing information disclosure. Since lenders are more sensitive to decreases than increases in firm stock price, they have strong incentives ...
Vahid Taghizadeh Khanqah +1 more
doaj +1 more source
Impacts of Political Connections on Stock Price Crash Risk under Information Asymmetry Conditions [PDF]
مجله دانش حسابداری, 2019 Objective: The purpose of this study is to examine the effects of political connections on stock price crash risk in 120 companies listed in the Tehran Stock Exchange in the period 2011-2016.
Seyyed Ahmad Khalifeh Soltani (Ph.D) +2 more
doaj +1 more source