We examine the relation between the probability of future stock price crash and investors’ investment horizons. Using negative skewness as a proxy for firm-specific crash risk, we document a positive association between institutional ownership and stock price crash risk. The relation is,...

This paper studies the information advantage of forthcoming patents. We find that forthcoming patents can have a significant influence on credit ratings. We also find that forthcoming patents facilitate a reduction of the cost of borrowing after controlling for the credit ratings. Our findings...