Government debt and stock price crash risk: International Evidence

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2024-02-16 DOI:10.1016/j.jfs.2024.101245

Hamdi Ben-Nasr , Sabri Boubaker

引用次数: 0

Abstract

We add to the literature on the economic outcomes of government debt and argue that government debt increases crash risk via two channels: (i) hoarding bad news and (ii) tax avoidance. Based on a large international sample, our results indicate that stock crash risk is positively associated with government debt. Our conclusions are robust when we treat endogeneity issues, and our tests confirm the validity of bad news hoarding and tax avoidance as channels through which government debt influences stock price crash risk.

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政府债务与股价暴跌风险：国际证据

我们对有关政府债务的经济结果的文献进行了补充，认为政府债务会通过两个渠道增加股灾风险：（i）囤积坏消息和（ii）避税。基于大量国际样本，我们的研究结果表明股灾风险与政府债务呈正相关。在处理内生性问题时，我们的结论是稳健的，我们的检验证实了囤积坏消息和避税作为政府债务影响股价暴跌风险的渠道的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.