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Vertical interlock and stock price crash risk
Pacific-Basin Finance Journal, 2021Abstract This paper investigates the impact of vertical interlock on future stock price crash risk. Using a sample of 11,662 observations on Chinese listed firms affiliated business groups from the year 2007 to 2018, we find that affiliated listed firms with vertical interlock tend to have greater stock price crash risk, and the positive effects of ...
Yang, Chang, Chen, Xin, Chen, Xian
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Superstition and stock price crash risk
Pacific-Basin Finance Journal, 2020Abstract We investigate a new channel that leads to firm-specific stock price crash risk. By using Chinese superstition towards unlucky numbers as a platform for our analysis, we find that investor overreaction to negative news from firms with unlucky listing codes is a mechanism through which superstition affects crash risk.
Limin Xu +3 more
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Common Institutional Ownership and Stock Price Crash Risk
Social Science Research Network, 2023This paper presents new evidence on the economic benefits arising from common institutional ownership. We find a negative and significant effect of common institutional ownership on stock price crash risk. This effect is robust to a battery of robustness
Shenglan Chen +3 more
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Religion and Stock Price Crash Risk
Journal of Financial and Quantitative Analysis, 2015AbstractThis study examines whether religiosity at the county level is associated with future stock price crash risk. We find robust evidence that firms headquartered in counties with higher levels of religiosity exhibit lower levels of future stock price crash risk.
Xiaohua Fang, Jeffrey L. Callen
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Powerful CEOs and stock price crash risk
Journal of Corporate Finance, 2016We find that firms with powerful CEOs lead to stock price crash. The effects of earnings management, tax avoidance, CFO option incentives and CEO overconfidence on crash are more pronounced for firms with powerful CEOs. The effect of CEO pay slice on crash risk is more pronounced for firms with powerful founder CEOs.
Md. Al Mamun +2 more
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Intangible Intensity and Stock Price Crash Risk
SSRN Electronic Journal, 2019Abstract We evaluate the association between intangible intensity and stock price crash risk for U.S. listed firms from 1983 to 2017. The results show that intangible-intensive firms are associated with high crash risk. The decomposition of intangible intensity identifies goodwill as the driving force and documents its predictability for future ...
Kai Wu, Seiwai Lai
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Diversity, Disagreement, and Stock Price Crash Risk
SSRN Electronic Journal, 2021We provide plausibly causal evidence for the role of cultural and linguistic diversity in stock price crash risk. Using unique data from China, we show that firms headquartered in linguistically diverse areas, instrumented by the extent of geographical isolation, have higher stock price crash risk, but not higher jump risk.
Yu-Siang Su +3 more
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Corporate irresponsibility and stock price crash risk
International Review of Finance, 2020AbstractWe investigate the impact of corporate irresponsibility on future stock price crash by employing a unique dataset of 1,529 penalties imposed on 411 United States (U.S.) firms, from 2003 to 2015. We provide robust evidence that the total amount of penalties (in U.S.
Rashid Zaman +2 more
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Journal of Financial Reporting & Accounting
Purpose This study aims to examine the correlation between the readability of financial statements and the likelihood of future stock price crashes in nonfinancial companies listed on the Egyptian Stock Exchange.
Bahaa Saleeb Agaiby Bakhiet
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Purpose This study aims to examine the correlation between the readability of financial statements and the likelihood of future stock price crashes in nonfinancial companies listed on the Egyptian Stock Exchange.
Bahaa Saleeb Agaiby Bakhiet
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Board diversity and stock price crash risk
Research in International Business and Finance, 2020Abstract We show how board diversity influences stock price crash risk. By classifying board diversity into relation-oriented diversity (gender and age) and task-oriented diversity (tenure and education), we find that greater diversity on board can lower the risk of future stock crash.
Shihua Chen, Ruibin Zhang, Khalil Jebran
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