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
相关论文
共 50 条
  • [21] Proximity to the SEC and Stock Price Crash Risk
    Kubick, Thomas R.
    Lockhart, G. Brandon
    [J]. FINANCIAL MANAGEMENT, 2016, 45 (02) : 341 - 367
  • [22] CEO Overconfidence and Stock Price Crash Risk
    Kim, Jeong-Bon
    Wang, Zheng
    Zhang, Liandong
    [J]. CONTEMPORARY ACCOUNTING RESEARCH, 2016, 33 (04) : 1720 - 1749
  • [23] Employee welfare and stock price crash risk
    Ben-Nasr, Hamdi
    Ghouma, Hatem
    [J]. JOURNAL OF CORPORATE FINANCE, 2018, 48 : 700 - 725
  • [24] Board diversity and stock price crash risk
    Jebran, Khalil
    Chen, Shihua
    Zhang, Ruibin
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2020, 51
  • [25] Tone management and stock price crash risk
    Reichmann, Doron
    [J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2023, 42 (06)
  • [26] Stock price crash risk and cost of debt
    Lou, Junchao
    Li, Ruihong
    Zhang, Tidong
    Zhang, Yiling
    [J]. FINANCE RESEARCH LETTERS, 2023, 58
  • [27] ESG Disclosures and Stock Price Crash Risk
    Murata, Rio
    Hamori, Shigeyuki
    [J]. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2021, 14 (02)
  • [28] Corporate strategy and stock price crash risk
    Zhao, Zhichao
    Zhang, Yigang
    Tang, Huimin
    Liu, Peng
    Wang, Xiaoran
    Wang, Xizhe
    [J]. FINANCE RESEARCH LETTERS, 2024, 61
  • [29] Short interest and stock price crash risk
    Callen, Jeffrey L.
    Fang, Xiaohua
    [J]. JOURNAL OF BANKING & FINANCE, 2015, 60 : 181 - 194
  • [30] Migration fear and stock price crash risk
    Das, Kuntal K.
    Yaghoubi, Mona
    [J]. JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2024, 91
12345