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Creditor Protection, Bad News Hoarding, and Stock Price Crash Risk

While prior research identifies various firm-level determinants of stock price crash risk, the influence of creditor protection remains underexplored. Exploiting the staggered adoption of U.S. anti-recharacterization (AR) laws as a quasi-natural experiment, we find that crash risk declines following the enactment of these laws.
Jeong-Bon Kim, Shushu Liao, Yangke Liu
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Unravelling managerial bad news hoarding: evidence from stock price crash risk

With three empirical essays, this thesis endeavours to contribute further empirical insights into stock price crash risk (managerial bad news hoarding). Specifically, the first essay (Chapter 3) investigates the impact of board gender diversity on mitigating future stock price crash risk. The second essay (Chapter 4) and third essay (Chapter 5) delve
Yin, Aiyang
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Do Innovations Hoard Bad News? Evidence from Stock Price Crash Risk

SSRN Electronic Journal, 2017
We study the influence of the innovations, proxied by the number of patent grants and citations as well as the R&D investments on the stock price crash risk. Using a large sample of U.S. firms, we show that the innovation related activities reduce the likelihood to experience future stock price crashes with significant magnitude.
Hamdi Ben-Nasr, Lobna Bouslimi, Rui Zhong   +2 more
openaire   +1 more source

Corporate Payout Policy and Bad-News Hoarding

We investigate how G7-listed firms (2000–2023) adjust payout policies when facing stock price crash risk, which we interpret as a proxy for investor concerns about bad-news hoarding. Exposed firms increase dividends and repurchases to reassure investors, shifting their payout mix toward dividends given their stronger commitment value.
Dimitrios Anastasiou, Athanasios Michairinas, Steven R. G. Ongena, Athanasios Sakkas   +3 more
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Can Employees Monitor Managers' Bad News Hoarding Behaviour? Evidence From Employee Stock Ownership

Accounting & Finance
ABSTRACT Using data from South Korean public firms, we investigate the relationship between employee stock ownership (ESO) and stock price crash risk. We find that firms with higher ESO levels are associated with lower stock price crash risk.
Hail Jung, Sanghak Choi, Daejin Kim
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Standing in the Limelight: Sophisticated Active Attention and Managerial Bad News Hoarding

SSRN Electronic Journal, 2020
Tao Chen, Jimmy Chengyuan Qu
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Do Natural Disasters encourage bad news hoarding? Evidence from Firm-Level Stock Price Crash Risk

SSRN Electronic Journal, 2022
Ihtisham Malik, Hasibul Chowdhury, Xiaoyu Dong, Hoang Luong   +3 more
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Hoarding Bad News: When Non-financial Firms Hold Financial Assets

SSRN Electronic Journal, 2020
Xiaoran Ni, Yuchao Peng, Ji Shen
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Does firm complexity mitigate managerial bad news hoarding? Evidence from stock price crash risk

This study investigates the relationship between firm complexity and stock price crash risk, distinguishing between business complexity and financial reporting complexity. While previous research primarily associates financial reporting complexity and increased crash risk, we propose that firm complexity can mitigate crash risk by incentivizing firms ...
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