Investor Network Density and Stock Crash Risk

IF 1.4 4区经济学 Q2 ECONOMICS

Economics & Politics Pub Date : 2025-04-23 DOI:10.1111/ecpo.12348

Xiaoying Zhai, Huiping Ma, Yongmin Zhang, Hanglin Jin, Moau Yong Toh

引用次数: 0

Abstract

Using the shareholding data of fund institutional investors on the Shanghai and Shenzhen stock exchanges, this paper constructs institutional investor networks of stocks and investigates the influence of investor network density on stock price crash risk. Empirical results show that investor network density has a significant restraining effect on stock price crash risk by reducing the delay in stock price response to information to a certain extent. The results are robust to alternative measurements of stock price crash risk and subsamples of stocks with enterprises' different property rights and institutional investors' shareholding ratios.

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投资者网络密度与股票崩盘风险

本文利用沪深两市基金机构投资者持股数据，构建了股票机构投资者网络，并考察了投资者网络密度对股价崩盘风险的影响。实证结果表明，投资者网络密度在一定程度上降低了股价对信息的反应延迟，对股价崩盘风险具有显著的抑制作用。该结果对于股价崩盘风险的替代度量以及企业不同产权和机构投资者持股比例的股票子样本具有鲁棒性。

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

Economics & Politics Multiple-

CiteScore

2.40

自引率

10.00%

发文量

期刊介绍： Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis