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Based on the question-and-answer data of online interactive platforms from 2011 to 2016, this paper studied the impact of question-and-answer information on the stock price crash risk of listed companies from the perspective of investors and listed companies. The following research conclusions were found through the manual collection of question and answer data and data analysis. From the perspective of investors, the higher the degree of information questions, that is, the more questions and the more detailed the questions. As a result, the transparency of information between investors and listed companies is improved, thus reducing the risk of stock price crash of listed companies. From the perspective of the listed company, the more detailed the information of the listed company is replied, and the faster the information is replied, so as to dispel investors' doubts, the lower the risk of stock price crash of the listed company is.

Abstract. We review the literature on the relationships between management characteristics and corporate risk-taking over the period 1985~2015 and find that the two types of management characteristics: the physical characteristics and the psychological ones lead to different risk-taking behavior and firm outcomes. Generally, the physical traits have impact on taking risk by psychological bias and the psychological traits affect risk-taking behavior directly. We also find that the researchers always use the traits of CEO or top management as the proxies to explain management behaviors.