信息披露评级与股价暴跌风险

IF 1.9 Q2 BUSINESS, FINANCE

Review of Quantitative Finance and Accounting Pub Date : 2024-06-21 DOI:10.1007/s11156-024-01305-0

Kung-Cheng Ho, Andreas karathanasopoulos, Chia Chun Lo, Xixi Shen

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引用次数: 0

摘要

本研究探讨了信息披露评级（IDR）对特定公司股价暴跌风险的影响。我们提出的证据表明，股价暴跌风险与信息披露评级之间存在统计意义上的显著负相关关系。具体而言，有效的信息披露会吸引更多投资者的关注，并带来更多的流动性，从而降低股价暴跌风险。在控制了相关变量并解决了内生性问题后，我们的研究结果依然稳健。这项研究证明，高信息披露率可以通过引起市场反应来缓解股价暴跌风险，这不仅为投资者分析企业风险引入了一个新的视角，也为制定政策引导市场提供了有价值的方向。

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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Information disclosure ratings and stock price crash risk

This research examines the effects of information disclosure ratings (IDR) on firm-specific stock price crash risk. We present evidence that there is a statistically significant negative relationship between stock price crash risk and IDR. Specifically, effective information disclosure attracts greater investor attention and leads to more liquidity, which mitigates the stock price crash risk. Our findings remain robust after controlling for relevant variables and addressing the issue of endogeneity. This research proves that high IDR mitigates the stock price crash risk by eliciting market reaction, which not only introduces a novel perspective for investors in their analysis of corporate risks but also offers valuable directions for policy formulation to guide the market.

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来源期刊

Review of Quantitative Finance and Accounting BUSINESS, FINANCE-

CiteScore

3.20

自引率

17.60%

发文量

期刊介绍： Review of Quantitative Finance and Accounting deals with research involving the interaction of finance with accounting, economics, and quantitative methods, focused on finance and accounting. The papers published present useful theoretical and methodological results with the support of interesting empirical applications. Purely theoretical and methodological research with the potential for important applications is also published. Besides the traditional high-quality theoretical and empirical research in finance, the journal also publishes papers dealing with interdisciplinary topics.