We investigate the impact of the initiations of national audit inspection programs on firm-specific stock crash risk in 38 countries worldwide. The staggered commencement of the inspection regimes in different countries allows us to identify the causal effect of audit quality on crash risk. We...

This paper examines the effect of product market threats on firms' stock crash risk. Competitive pressure from the product market aggravates managers' incentive to withhold negative information. When negative information is accumulated to a tipping point, the accumulated information all comes...

We investigate stock tail risk around national elections worldwide over the period of 1982-2012. We find that firm stock is less likely to crash during the election years, and is more likely to crash during the post-election period. This inter-temporal pattern is consistent with the suppression...