Stock overpricing, underwriting fees, and stock price crash risk

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-15 DOI:10.1016/j.frl.2025.107781

Huizhu Tan , Sailesh Kumar Tanna , Shuai Huang , Juncheng Luo

引用次数: 0

Abstract

This paper systematically examines the impact of stock overpricing on stock price crash risk and its underlying mechanism based on data from Shanghai and Shenzhen A-share listed companies between 2011 and 2023. The research findings indicate a significant positive correlation between the degree of stock overpricing and stock price crash risk. Furthermore, by examining the mediating effect of underwriter sponsorship fees, the study verifies the pathway through which overpricing indirectly increases risk by raising issuance costs and intensifying conflict of interest.

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股票定价过高、承销费和股价崩盘风险

本文基于2011 - 2023年沪深两市a股上市公司的数据，系统考察了股票超定价对股价崩盘风险的影响及其机制。研究发现，股票超定价程度与股价崩盘风险之间存在显著的正相关关系。通过考察承销商保荐费的中介作用，验证了过高定价通过提高发行成本和加剧利益冲突间接增加风险的途径。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance