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Financial Innovation 2023年第1期9卷 1877-1906页

作者： Zeyu Xie Mian Yang Fei Xu School of Economics and Management Wuhan UniversityWuhanChina School of Economics and Management Anhui Normal UniversityWuhuChina

This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting ***,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to *** results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot ***,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price *** study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.

关键词： Carbon emission trading system stock price crash risk Off-balance sheet carbon reduction risks Analyst coverage

Corporate pledgeable asset ownership and stock price crash risk

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Financial Innovation 2022年第1期8卷 855-882页

作者： Hail Jung Sanghak Choi Junyoup Lee Sanggeum Woo School of Management Engineering Ulsan National Institute of Science and TechnologyUNIST-Gil 50Ulsan 44919Republic of Korea School of Business Administration Ulsan National Institute of Science and TechnologyUNIST-Gil 50Ulsan 44919Republic of Korea

We investigate how a firm’s corporate pledgeable asset ownership(CPAO)affects the risk of future stock price *** pledgeable asset ownership and crash risk data for a large sample of ***,we provide novel empirical evidence that a firm’s risk of a future stock price crash decreases with an increase in its pledgeable *** main findings are valid after conducting various robustness *** channel tests reveal that firms with pledgeable assets increase their collateral value,thereby enhancing corporate transparency and limiting bad news hoarding,resulting in lower stock price crash ***,the results show that having more pledgeable assets enables easier access to external financing,making it less likely that managers will hoard bad news.

关键词： Asset pledgeability stock price crash risk Endogeneity tests Information opacity

Does a national industrial policy promote financial market stability?A study based on stock price crash risk

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China Journal of Accounting Research 2022年第4期15卷 110-132页

作者： Weimin Xie Hengxin Zhang Jialu Guo Miao He School of Accounting China Internal Control Research CenterDongbei University of Finance and EconomicsChina School of Accounting Dongbei University of Finance and EconomicsChina pricewaterhouse Coopers Zhong Tian LLP Beijing BranchChina

Whether the implementation of a national industrial policy can maintain stability in the financial market is a question of theoretical and practical significance. Using data from China’s non-financial listed firms from 2007 to 2020,we find that a national industrial policy lowers stock price crash risk. We find that the effect of an industrial policy on lowering stock price crash risk is more pronounced in regions with low levels of regional marketization and if firms have high external uncertainty, low total asset turnover, greater earnings management and receive small increments of long-term loans and fewer government subsidies, suggesting that industrial policies lower stock price crash risk by improving firm fundamentals and reducing external uncertainty,agency costs and information asymmetry.

关键词： National industrial policy stock price crash risk Financial market stability

Research on the influence of equity pledge on stock price crash risk:based on financial shock of 2015 stock market crisis

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Economic and Political Studies 2019年第4期7卷 480-505页

作者： Rong Xu Jialu Chang Conggang Li Wenlan Wang School of Finance&China Financial Policy Research Center Renmin University of ChinaBeijingP.R.China

The 2015 Chinese stock market crisis triggered liquidation because of equity pledge so that the leverage effect of the small probability event with severe results got intensive attention from *** is found that the effects of equity pledge on stock price crash risk reversed significantly before and after the 2015 stock market *** the mechanism analysis,we further find that the equity pledge influenced the stock price crash risk by longer suspension and greater price *** shareholding ratio of institutional investors and information environment also had a significant moderating effect on the influence of equity pledge on stock price crash *** interpretation tests excluded the tunnel effect and pressure effect by shareholders and incentive effect by *** study by analysing empirical data provides evidence on the change of investors’risk recognition,which is caused by financial shock,in the Chinese capital market.

关键词： Equity pledge stock price crash risk leverage effect financial shock

Investor Attention,Analyst Optimism,and stock price crash risk

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Proceedings of Business and Economic Studies 2021年第3期4卷 63-72页

作者： Shuke Shi School of Finance and Economics Jiangsu UniversityZhenjiang 212013China

This paper used the A-shares listed companies in China as samples,constructed a comprehensive indicator of investor attention,and conducted an empirical analysis on the correlations among investor attention,analyst optimism,and stock price crash *** results indicated that investor attention aggravates the stock price crash risk and has a positive effect on analyst ***,the analyst optimism plays a mediating role in the positive correlation between investor attention and stock price crash *** addition to that,institutional investor attention also has direct and indirect effects on the crash risk.

关键词： stock price crash risk Analyst optimism Investor attention

A Tale of Two“Skewness”:Managerial Epidemic Experience,Probability Weighting and Financial Market Stability

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Social Sciences in China 2024年第1期45卷 157-181页

作者： Gu Leilei Ni Xiaoran Peng Yuchao Business School Central University of Finance and Economics School of Economics Xiamen University School of Finance and Belt&Road Finance Institute Central University of Finance and Economics

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.

关键词： SARS epidemic experience probability weighting skewness preference stock price crash risk

Institutional environment and risk of a stock price crash:evidence from China

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China Finance and Economic Review 2015年第3期4卷 40-66页

作者： Li Xiaorong Dong Hongye School of Public Finance Central University of Finance and EconomicsBeijingChina Renmin University of China BeijingChina

stock price crashes damage China’s macro-financial stability,restrict economic growth,and can lead to huge losses in wealth for ***,how to reduce the risk for stock price crashes is an important theoretical and practical *** paper mainly studies the effects of the institutional environment that creates risks for stock price *** China’s non-financial A-share listed companies from 1997 to 2012 as an example,this paper finds that the lower the level of government intervention is,the better the legal environment is,the faster the market process in business area is,then the lower the risks for stock price crashes will *** solve the endogenous problem between the institutional environment and the risk of a stock price crash,this paper uses the number of seaports and whether the commercial ports or leased territories are opened after the first Opium War in Qing Dynasty as instrumental variables of the institutional *** find that the above conclusion is still valid with the method of 2SLS ***,this paper also finds that the government intervention index,the legal environment index,and the market index are negatively related to stock price synchronicity to a significant *** conclusions illustrate that the institutional environment is an important factor in the healthy and stable development of the capital market,which has important implications for policy markers or regulators to develop policies to promote the stable development of the stock market,to control market risk of listed companies,and to make investment decisions.

关键词： institutional environment capital market stock price crash risk stock price synchronicity

The potential harms of goodwill impairment avoidance: Evidence based on future performance and stock prices

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China Journal of Accounting Research 2020年第3期13卷 271-289页

作者： Hongwen Han Qingquan Tang Business School University of Shanghai for Science and TechnologyChina Center for Accounting Finance and InstitutionsSun Yat-sen UniversityChina Business School Sun Yat-sen UniversityChina

The rapidly increasing volume of goodwill assets in the capital market generates potential risks due to the possibility of an untimely recognition of goodwill *** this paper,we investigate the financial consequences of goodwill impairment avoidance based on firms’future performance and stock *** Chinese A-share listed firms with goodwill balances,we find that avoiding goodwill impairments negatively affects a firm’s performance growth and increases its risk of a future stock price *** adverse effects continue for the three years following the goodwill impairment *** results indicate that goodwill impairment avoidance has detrimental impacts on a firm’s future performance and stock price and that these impacts are *** conclusions are helpful for regulators on how to prevent the risks hidden in goodwill impairment recognition and maintain the stable development of the financial market.

关键词： Goodwill impairment avoidance Firm performance stock price crash risk Persistence

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分析师利益冲突、乐观偏差与股价崩盘风险

统计与精算 2012年第6期 127-140页

作者：许年行江轩宇伊志宏徐信忠

“股价崩盘风险”是当前金融危机背景下财务学的一个研究热点。本文使用2003-2010年中国A股上市公司的数据，研究分析师乐观偏差是否影响上市公司股价崩盘风险，并考察分析师面临的“利益冲突”是否会加剧乐观偏差对股价崩盘风险的影响... 详细信息

“股价崩盘风险”是当前金融危机背景下财务学的一个研究热点。本文使用2003-2010年中国A股上市公司的数据，研究分析师乐观偏差是否影响上市公司股价崩盘风险，并考察分析师面临的“利益冲突”是否会加剧乐观偏差对股价崩盘风险的影响。研究发现：（1）分析师乐观偏差与上市公司未来股价崩盘风险之间显著正相关，且此关系在“牛市”更为显著；（2）机构投资者持股比例越高，机构投资者数量越多，公司存在再融资行为，以及来自前五大佣金收入券商的分析师比例越高，分析师乐观偏差与崩盘风险之间的正向关系就更为显著，说明“利益冲突”会加剧两者的关系。本文的研究对于全面认识分析师在资本市场中的作用，以及如何降低我国股价崩盘风险、促进股市平稳发展具有重要的理论和现实意义。

关键词：分析师乐观偏差利益冲突股价崩盘风险 analyst optimism conflicts of interest stock price crash risk

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上市公司审计质量与“国家队”持股