Stock price crash risk: review of the empirical literature

被引：193
作者：
Habib, Ahsan [1 ]
Hasan, Mostafa Monzur [2 ]
Jiang, Haiyan [3 ]
机构：
[1] Massey Univ, Sch Accountancy, Auckland, New Zealand
[2] Curtin Univ, Sch Econ & Finance, Perth, WA, Australia
[3] Univ Waikato, Waikato Management Sch, Hamilton, New Zealand
来源：
ACCOUNTING AND FINANCE | 2018年 / 58卷
关键词：
Stock price crash risk; Financial reporting; Corporate governance; Non-formal institutions; FINANCIAL STATEMENT COMPARABILITY; CORPORATE SOCIAL-RESPONSIBILITY; FIRM-SPECIFIC INFORMATION; REAL EARNINGS MANAGEMENT; ANALYST COVERAGE; INTERNAL CONTROL; AUDIT COMMITTEE; CONDITIONAL SKEWNESS; EMERGING MARKET; SHORT-SALES;
D O I：
10.1111/acfi.12278
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We survey the burgeoning literature on the determinants and consequences of firm-specific future stock price crash risk. We synthesise a vast body of literature on the determinants of crash risk, identify weaknesses, and offer future research opportunities. We categorise the determinants into: (i) financial reporting and corporate disclosures, (ii) managerial incentives and managerial characteristics, (iii) capital market transactions, (iv) corporate governance mechanisms, and (v) informal institutional mechanisms. Despite a large body of research into the determinants of crash risk, very little research attention has been directed towards understanding the consequences of stock price crash.
引用
收藏
页码：211 / 251
页数：41
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