Hui, Zhiyang; Dong, Yizhe; Li, Haoyu - In: Journal of accounting and public policy 51 (2025), pp. 1-27
This paper examines the impact of press freedom, an important institutional factor, on stock price crash risk. Using a … degrees of press freedom are associated with lower levels of future stock price crash risk. Our analysis further shows that … press freedom helps to deter the hoarding of bad news by increasing the intensity of reporting, extending the reporting …