Tunnelling by large shareholders is a problem representative of ownership concentration. Large shareholders may interfere with a firm's information disclosure to support their tunnelling behaviour, causing a high stock price crash risk. Using listed companies in China from 2001 to 2019 as a...

Regulatory disclosures, such as supervisory bank stress tests, are pre-scheduled and conducted on a regular basis to improve transparency and enhance market discipline. We build a dynamic model with asymmetric information to investigate the effectiveness of such regulatory disclosures. We find...