Can Stock Exchange inquiry letters reduce stock price crash risk?

被引：1
|
作者：
Li, Sihao [1 ]
Shi, Yong [1 ]
Zou, Wenjun [1 ]
机构：
[1] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan 430073, Hubei, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2021年 / 28卷 / 08期
关键词：
Annual Report Inquiry Letter; Stock Price Crash Risk; Regulation by Exchanges; China;
D O I：
10.1080/13504851.2020.1770188
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The inquiry letters of annual reports play an increasingly important role in performing the first-line supervision duties of Stock Exchange. Based on 2015-2017 annual report inquiry letters, this paper studies the impact of regulatory inquiry on stock price crash risk empirically. The results show that the Stock Exchange's inquiry on the annual report of listed companies reduces the stock price crash risk significantly, and the more questions are inquired by the Stock Exchange, the stronger inhibitory impact will be played on the companies' stock price crash risk . In addition, compared with companies replied to the inquiry letters in time, the inquiry has a stronger inhibitory effect on stock price crash risk of companies with delayed reply or no reply.
引用
收藏
页码：650 / 654
页数：5
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