, we find that improved bond market transparency leads to lower crash risk in the stock market, consistent with increased … transparency affects stock price crash risk not only directly, but also indirectly through its effects on management guidance … risk is more pronounced for firms with higher default risk bonds, lower institutional stock ownership, and more opaque …

positively related to one-year ahead stock price crash risk. The positive relation between the narrative R&D disclosure and … future crash risk is heightened for firms with powerful, more able, younger and more incentivized CEOs. Further, the adverse … appear to attenuate the positive narrative R&D disclosure–crash risk relation. Overall, the results highlight the existence …

We find that firms with a larger proportion of short-term debt have lower future stock price crash risk, consistent … inverse relation between short-maturity debt and future crash risk is more pronounced for firms that are harder to monitor due … to weaker corporate governance, higher information asymmetry, and greater risk-taking. These findings suggest that short …

This study investigates the effect of corporate hedging on stock price crash risk. We test two competing hypotheses …. Under the transparency hypothesis, hedging reduces a firm's information asymmetry and lowers crash risk. Under the opacity … hypothesis, hedging decreases financial reporting quality and increases crash risk. Using a comprehensive sample of firms from …

This paper investigates how the disclosure tone of earnings conference calls predicts future stock price crash risk … pessimistic tone during the current year-end call experience higher stock price crash risk in the coming year. Additional analyses … extreme future downside risk where managers may have incentives to communicate truthfully and disclose bad news …

We investigate the pricing of systematic tail risk measured by tail beta in the Chinese equity market. Using an array … to many considerations and cannot be explained by established pricing factors or alternative risk or illiquidity measures …

volume and future stock price crash risk. This relation is evidently more pronounced among firms with higher information … firms with options trading have higher future crash risk than firms without options trading. We further show in a difference …-in-difference analysis that firms experience an increase in crash risk immediately after the listing of options. The results suggest that …

economic agents could be particularly concerned about severe tail risk, rather than just mean returns. Motivated by present … component of earnings, and gives an economically and statistically significant estimate of crash risk while improving on …

This study examines the effect of employee treatment on stock price crash risk based on the framework of stakeholder …-friendly treatment is negatively associated with crash risk. Our empirical findings are robust to multi-way fixed effects, instrumental … variables, alternative proxies for crash risk and employee treatment, and various other approaches to address endogeneity and …