This paper investigates whether religious traditions influence firm-specific crash risk in China. Using a sample of A … management agency problem, thus reducing stock price crash risk in China. Our paper enriches the literature on stock price crash … price crash risk, implying that religion plays an important role in Chinese corporate governance. Further, we find that (1 …

herding, as measured by a larger herding index value, have higher future stock price crash risk. Our findings are consistent … with the proposition and are robust to different measures of stock price crash risk, stock price crash risk windows … future stock price crash risk is more pronounced when firms have higher information asymmetry. Furthermore, we find no …