Do natural disasters affect stock price crash risk? Evidence from emerging markets

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-01 DOI:10.1016/j.intfin.2024.102001

Rui Zhao , Dayong Zhang , Mengmeng Guo

引用次数: 0

Abstract

This study shows a significantly positive relationship between natural disasters and firm-level stock price crash risk using a sample of listed firms from emerging markets.The channel tests suggest that natural disasters affect crash risk by increasing corporate risk-taking, dampening firm fundamentals, and aggravating bad news hoarding. The research further identifies that the effect of natural disasters on crash risk is moderated by country-level and firm-level characteristics. Overall, our findings contribute to a broader understanding of the economic outcomes of natural disasters in emerging markets.

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自然灾害会影响股价暴跌风险吗？新兴市场的证据

本研究以新兴市场的上市公司为样本，显示了自然灾害与公司层面的股价暴跌风险之间存在明显的正相关关系。渠道检验表明，自然灾害通过增加公司风险承担、抑制公司基本面以及加剧坏消息囤积来影响股价暴跌风险。研究进一步发现，自然灾害对崩盘风险的影响受国家层面和公司层面特征的调节。总之，我们的研究结果有助于更广泛地理解自然灾害对新兴市场经济的影响。

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 International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.