Institutional investors' information seeking and stock price crash risk: nonlinear relationship based on management's opportunistic behaviour

被引:13
作者
Wang, Jiangyuan [1 ]
Liu, Guangqiang [2 ]
Xiong, Qisong [1 ]
机构
[1] Cent China Normal Univ, Sch Econ & Business Adm, Wuhan, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China
关键词
Corporate governance; Institutional investors' visits; Management opportunism; Stock price crash risk; EARNINGS CONFERENCE CALLS; SITE VISITS; VOLUNTARY DISCLOSURE; ANALYSTS; LITIGATION; MARKET; WORLD; NEWS; SIDE;
D O I
10.1111/acfi.12666
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper examines the influence of management's opportunistic behaviour on the relationship between institutional investors' visits and stock price crash risk. We find that the relationship between visit frequency and stock price crash risk is inverted U-shaped because of management's opportunistic behaviour aiming at avoiding the negative impacts of visit. Institutional investors' visits raise stock price crash risk when visit frequency is low and it can reduce crash risk just when visit frequency is high enough. This nonlinear relationship is more significant when management's opportunistic behaviour is highly motivated and the implementation space is larger.
引用
收藏
页码:4621 / 4649
页数:29
相关论文
共 46 条
[1]   Stock price synchronicity, crash risk, and institutional investors [J].
An, Heng ;
Zhang, Ting .
JOURNAL OF CORPORATE FINANCE, 2013, 21 :1-15
[2]   Agency costs and ownership structure [J].
Ang, JS ;
Cole, RA ;
Lin, JW .
JOURNAL OF FINANCE, 2000, 55 (01) :81-106
[3]   The effect of legal environment on voluntary disclosure: Evidence from management earnings forecasts issued in US and Canadian markets [J].
Baginski, SP ;
Hassell, JM ;
Kimbrough, MD .
ACCOUNTING REVIEW, 2002, 77 (01) :25-50
[4]   The rewards to meeting or beating earnings expectations [J].
Bartov, E ;
Givoly, D ;
Hayn, C .
JOURNAL OF ACCOUNTING & ECONOMICS, 2002, 33 (02) :173-204
[5]   Earnings management to avoid earnings decreases and losses [J].
Burgstahler, D ;
Dichev, I .
JOURNAL OF ACCOUNTING & ECONOMICS, 1997, 24 (01) :99-126
[6]   Open versus closed conference calls: the determinants and effects of broadening access to disclosure [J].
Bushee, BJ ;
Matsumoto, DA ;
Miller, GS .
JOURNAL OF ACCOUNTING & ECONOMICS, 2003, 34 (1-3) :149-180
[7]   Conference Presentations and the Disclosure Milieu [J].
Bushee, Brian J. ;
Jung, Michael J. ;
Miller, Gregory S. .
JOURNAL OF ACCOUNTING RESEARCH, 2011, 49 (05) :1163-1192
[8]   Financial accounting information and corporate governance [J].
Bushman, RM ;
Smith, AJ .
JOURNAL OF ACCOUNTING & ECONOMICS, 2001, 32 (1-3) :237-333
[9]   Institutional investor stability and crash risk: Monitoring versus short-termism? [J].
Callen, Jeffrey L. ;
Fang, Xiaohua .
JOURNAL OF BANKING & FINANCE, 2013, 37 (08) :3047-3063
[10]   NO NEWS IS GOOD-NEWS - AN ASYMMETRIC MODEL OF CHANGING VOLATILITY IN STOCK RETURNS [J].
CAMPBELL, JY ;
HENTSCHEL, L .
JOURNAL OF FINANCIAL ECONOMICS, 1992, 31 (03) :281-318