Xu, Nianhang; Li, Xiaorong; Yuan, Qingbo; Chan, Kam C. - In: Journal of Corporate Finance 25 (2014) C, pp. 419-434
We investigate the impact of excess perk consumption on crash risk in state-owned enterprises in China. To enjoy excess … future stock price crash risk. Consistent with this assertion, we find a positive correlation between excess perks and crash … risk. The findings are robust to the inclusion of other determinants of crash risk identified in the literature, such as …