Stock price crash risk: review of the empirical literature

被引：215

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

页码：211 / 251

页数：41

共 109 条

[21] Large controlling shareholders and stock price synchronicity [J].