Chang, X., Chen, Y., and Zolotoy, L. 2017. Stock liquidity and stock price crash risk. Journal of Financial and Quantitative Analysis (forthcoming).Chang, X., Chen, Y., Zolotoy, L., 2017. Stock liquidity and stock price crash risk. J. Financ. Quant. Anal. 52 (4), 1605-1637....
Stock liquidity can be altered by the financial market regulations, thereby improving firm-level governance. In empirical analysis, we show that stock liquidity decreases stock price crash-risk. We identify two possible mechanisms through which stock liquidity reduces stock price crash-risk: the threat...
The Dark Side of Liquid Market: Stock Liquidity and Stock Price Crash Risk Using a large sample of U.S. firms for the period 1993鈥 2010, we document a positive association between a firm's stock liquidity and its future stock price crash risk. The liquidity effect is stronger for the ...
Alexander et al., 2004; Thurner et al., 2012; Chang et al., 2014; Lv and Wu, 2019) mainly focus on the effect that margin trading has on liquidity, volatility, or price efficiency, while there is rarely little research on whether margin trading affects future stock price crash risk. Th...
shortinterestandstockpricecrashrisk短期利息和股票价格暴跌风险 系统标签: crashshortriskstockprice暴跌 Shortinterestandstockpricecrashrisk JeffreyL.Callen a ,XiaohuaFang b,⇑ a RotmanSchoolofManagement,UniversityofToronto,Canada b J.MackRobinsonCollegeofBusiness,GeorgiaStateUniversity,UnitedStates articleinfo Ar...
title and authors Yu H, Liang C, Liu Z, et al. News-based ESG sentiment and stock price crash risk[J]. International Review of Financial Analysis, 2023, 88: 102646. 你需要知道的事儿: 作者使用的什么数据?怎么构建的 sentiment index 来测度 public opinion (for listed firms)。 主要的研究...
As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using a large sample of firms for the period 1993€"2010, we find that firms with overconfident CEOs have higher stock price crash risk than firms with ...
Managerial ownership and stock price crash risk: a case of Iranian firms PurposeIncreasing managerial ownership gives rise to the managerial opportunistic behaviors, among which bad news hoarding has attracted a lot... A Haghighi,MS Gerayli - 《International Journal of Islamic & Middle Eastern ...
Understanding the interplay between brand and innovation management: findings and future research directions J. Acad. Mark. Sci., 43 (5) (2015), pp. 548-557 Google Scholar Chang et al., 2017 X. Chang, Y. Chen, L. Zolotoy Stock liquidity and stock price crash risk ...
The model predicts that (1) firms’ operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We ...