A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability
作者机构：Business SchoolCentral University of Finance and Economics School of EconomicsXiamen University School of Finance and Belt&Road Finance InstituteCentral University of Finance and Economics
出 版 物：《Social Sciences in China》 (中国社会科学（英文版）)
年 卷 期：2024年第45卷第1期
页 面：157-181页
学科分类：0303[法学-社会学] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）]
基 金：the National Natural Science Foundation of China(No.72203249) Peng acknowledges financial support from the National Natural Science Foundation of China(No.71903208,72273160)
主 题：SARS epidemic experience probability weighting skewness preference stock price crash risk
摘 要：Under probability weighting,entrepreneurs with skewness preference tend to seek rightskewed and avoid left-skewed *** show that Chinese firms managed by CEOs with professional epidemic experience,i.e.,who previously experienced the outbreak of SARS during their tenure as high level executives,have a lower stock price crash risk measured by the negative skewness of stock prices in subsequent *** particular,those firms intentionally avoid stock price crashes by adopting more conservative strategies in ***,we provide the first evidence on the unintended effect of entrepreneurs subjective judgments of the probabilities of disease outbreaks on financial market *** have long-term implications for the financial system.
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