Stock Crashes and Jumps Reactions to Information Demand and Supply: An Intraday Analysis

Chu, Gang; Li, Xiao; Shen, Dehua; Zhang, Yongjie

doi:10.1007/s10690-020-09327-z

Cited by 6 publications

(2 citation statements)

References 69 publications

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“…This link is explained by a firm's low propensity to hide negative news in the presence of strong media attention. However, media coverage of a company's self-derived news and media releases has been positively associated with stock price crash risk (Chu et al. , 2021) (see Table 9).…”

Section: Media Coveragementioning

confidence: 99%

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Micro-, meso- and macro-level determinants of stock price crash risk: a systematic survey of literature

Ali¹,

Wilson

Husnain³

2022

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PurposeThis article conducts a thorough review and synthesis of the empirical research on the antecedents of stock price crash risk to ascertain the macro-, meso- and micro-level determinants contributing to stock price crashes.Design/methodology/approach The authors systematically reviewed 85 empirical papers published in ABS-ranked journals to assess the macro-, meso- and micro-level determinants causing stock price crashes.FindingsThe findings indicate that macroeconomic factors such as corporate governance, political and legal factors, socioeconomic indicators and religious beliefs have an effect on firm-level corporate behavior contributing to stock price crash risk. At a meso-level customer concentration, industry-level characteristics, media coverage, structural features of ownership and behavioral factors have a substantial effect on stock price crash risk. Finally, micro-level variables influencing stock market crash risk include CEO qualities and compensation, business policies, earnings management, financial transparency, managerial characteristics and firm-specific variables.Research limitations/implicationsBased on our analysis we identify priority areas for future research.Originality/valueThis is a seminal work using a multilevel framework to categorize the determinants of stock price crashes into micro-, meso- and macro-level factors.

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Section: Media Coveragementioning

confidence: 99%

“…Industry-level factorsStock price crash risk derived news and media releases has been positively associated with stock price crash risk(Chu et al, 2021) (see Table…”

mentioning

confidence: 99%

Micro-, meso- and macro-level determinants of stock price crash risk: a systematic survey of literature

Ali¹,

Wilson

Husnain³

2022

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External Governance Oversight and the IPO Process: Empirical Evidence from China

Liu

2024

Asia-Pac Financ Markets

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This study examines the effects of political affiliations as an external governance element on various aspects of the IPO procedure in China. Within China, the significance of political connections is widely recognized as a notable external governance factor capable of exerting influence over both the IPO process. Utilizing a distinctive dataset comprising IPO information from 1856 firms in China spanning the period between 2014 and 2021, the primary objective of this research is to demonstrate that companies with political affiliations have a higher probability of experiencing underpricing, coupled with an increased likelihood of attracting investments from retail investors. Furthermore, these firms tend to attract prestigious underwriters and more underwriter subscriptions, despite having to pay higher floating costs and underwriting fees. Lastly, the study demonstrates that political connections are especially beneficial for firms during market uncertainty, such as the recent pandemic. Political connections act as monitors, reducing information asymmetry and signaling positive aspects of the firms to investors. To strengthen the main conclusions, the study conducts various robustness tests, including PSM and subsample analysis. Overall, the research adds to the existing literature on the crucial role of political connections in promoting IPO practices and reducing information asymmetry through monitoring and support.

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ESG Disagreement and Stock Price Crash Risk: Evidence from China

Dong,

Li,

Wang

et al. 2024

Asia-Pac Financ Markets

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Stock Crashes and Jumps Reactions to Information Demand and Supply: An Intraday Analysis

Cited by 6 publications

References 69 publications

Micro-, meso- and macro-level determinants of stock price crash risk: a systematic survey of literature

Micro-, meso- and macro-level determinants of stock price crash risk: a systematic survey of literature

External Governance Oversight and the IPO Process: Empirical Evidence from China

ESG Disagreement and Stock Price Crash Risk: Evidence from China

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