Purpose-Whether financial analysts play an effective role as information intermediaries and monitors has triggered a wide spread of debate among academics and practitioners to date. This study complements this debate by investigating the association between analyst coverage and firm-specific future stock price crash risk. Design/methodology/approach-Regression analysis is based on a large sample of U.S. public firms and the crash risk measure of Hutton et al. (2009). Potential endogeneity concerns are alleviated by (i) restricting the sample period to the post-Regulation-FD period and (ii) conducting an analysis of the impact threshold for a confounding variable method per Larcker and Rusticus (2010). Findings-Evidence reveals that a high level of analyst coverage is associated with lower future stock price crash risk. Further, the negative association between analyst coverage and stock price crash risk is stronger for firms that have high financial opacity. Additionally, analyst forecast pessimism is negatively associated with future crash risk. Originality/value-The findings of this study offer support for the view that analysts serve positive roles as information intermediaries and monitors in the US stock market. Practical implications-This study is of interest to investors who seek analyst reports for their investment decision-making and for information providers who demand external financing. The findings of this study also have some other important implications for practitioners, given the economic and welfare consequences of stock price crashes.

This study responds to the call in Vazquez's (2018) by providing more empirical evidence on ethical issues in family business. Drawing from the agency theory, we provide new evidence about the "CSRstock price crash risk" nexus by examining the moderating effect of family involvement. With a focus on the Chinese capital market, we find that corporate social responsibility (CSR) negatively affects stock price crash risk. Such negative correlation is stronger for family firms as compared with nonfamily firms. Three proxies of family involvement, termly family member as a CEO, lower proportion of variable compensation to CEO, and greater family control, can strengthen the alleviating effect of CSR on crash risk. Nevertheless, a secondgeneration successor as executive does not exert any moderating effect. Our findings advance the comprehension of the "CSR-crash risk" nexus from the family business viewpoint and emphasize the important role of CSR in stabilizing the stock market.

This paper aims to find disclosure differences in carbon accounting information for companies operate in Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Based on the study of companies in service sectors, we find companies in Guangdong may vary disclosure format by year and are more likely to show their effort in responding government policies, but companies in Hongkong and Macao follow a constant disclosure standard and prefer to show how they cooperate with disclosure standards. By the model we construct to analyze disclosure quality, we find companies in Hongkong and Macao are better in disclosure quality,