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Customer Concentration And Stock Price Crash Risk
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Book Synopsis Customer Concentration and Stock Price Crash Risk by : Jeong-Bon Kim
Download or read book Customer Concentration and Stock Price Crash Risk written by Jeong-Bon Kim and published by . This book was released on 2018 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the impact of customer concentration on stock price crash risk. Customer concentration may represent a source of significant cash flow and business risk for supplier firms or benefit supplier firms in terms of efficient product, inventory and supply chain management. Using a large sample of firms for the period of 1977-2016, we find that corporate customer concentration is positively associated with stock price crash risk. We find, however, that governmental customer concentration is negatively associated with stock price crash risk. Further analyses show that our results are robust to potential endogeneity and reverse causality concerns. In the cross-sectional analyses, we find that the likelihood that a supplier firm with concentrated customer base experiencing higher crash risk is attenuated by lower switching cost and is accentuated when the degree of information asymmetry is high.
Book Synopsis Customer Concentration, Bad News Withholding, and Stock Price Crash Risk by : Yangyang Chen
Download or read book Customer Concentration, Bad News Withholding, and Stock Price Crash Risk written by Yangyang Chen and published by . This book was released on 2019 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether the presence of major corporate customers affects firm stock price crash risk. Using data on a large sample of U.S. firms, we find that firms with a more concentrated customer base have a higher stock price crash risk. Further, we show an amplified effect of customer concentration on crash risk for firms that attach more importance to customer relations and an attenuated effect for firms with stronger third-party monitoring. Overall, we find that a concentrated customer base imposes performance pressure on managers. This induces them to withhold bad news, which ultimately results in future stock price crashes.
Book Synopsis Two Essays on Customer Concentration and Stock Price Crash Risk by : Chenxing Meng
Download or read book Two Essays on Customer Concentration and Stock Price Crash Risk written by Chenxing Meng and published by . This book was released on 2018 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book ICEMME 2022 written by Nikolaos Freris and published by European Alliance for Innovation. This book was released on 2023-02-15 with total page 2592 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is our great pleasure to have you at the 2022 4th International Conference on Economic Management and Model Engineering (ICEMME 2022), which was held in Nanjing, China from November 18th to 20th (virtual event). It is an international forum for academic communications between experts and scholars in the fields of economic management and model engineering. The main objective of ICEMME 2022 is to provide a platform to deliberate latest developments and future directions in the fields of economic management and model engineering. The conference provided opportunities for the delegates to exchange research ideas and scientific information, and established business or research relations for all participants to find global partners for future collaboration.
Book Synopsis Proceedings of the Fifteenth International Conference on Management Science and Engineering Management by : Jiuping Xu
Download or read book Proceedings of the Fifteenth International Conference on Management Science and Engineering Management written by Jiuping Xu and published by Springer Nature. This book was released on 2021-07-30 with total page 871 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers the proceedings of the fifteenth International Conference on Management Science and Engineering Management (ICMSEM 2021) held on August 1-4, 2021, at the University of Castilla-La Mancha (UCLM), Toledo, Spain. The proceedings contains theoretical and practical research of decision support systems, complex systems, empirical studies, sustainable development, project management, and operation optimization, showing advanced management concepts and demonstrates substantial interdisciplinary developments in MSEM methods and practical applications. It allows researchers and practitioners in management science and engineering management (MSEM) to share their latest insights and contribution. Meanwhile, it appeals to readers interested in these areas, especially those looking for new ideas and research directions.
Book Synopsis Equity Market Competition and Stock Price Crash Risk by : Patrick Vorst
Download or read book Equity Market Competition and Stock Price Crash Risk written by Patrick Vorst and published by . This book was released on 2017 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the impact of equity market competition on stock price crash risk. Higher levels of equity market competition lead to a faster incorporation of information into stock prices, so that the amount of information that is at any time impounded into prices is greater. I find that equity market competition reduces the effectiveness of bad news hiding and is associated with a reduced likelihood of crashes. Additional tests show that the importance of equity market competition is concentrated in firms with higher levels of information asymmetry and during high-sentiment periods and provide further support for this hypothesis.
Book Synopsis Short-sale Constraints and Stock Price Crash Risk by : Xiaohu Deng
Download or read book Short-sale Constraints and Stock Price Crash Risk written by Xiaohu Deng and published by . This book was released on 2019 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between short-sale constraints and stock price crash risk. To establish causality, we take advantage of a regulatory change from the Securities and Exchange Commission (SEC)'s Regulation SHO pilot program, which temporarily lifted short-sale constraints for randomly designated stocks. Using Regulation SHO as a natural experiment setting in which to apply a difference-in-differences research design, we find that the lifting of short-sale constraints leads to a significant decrease in stock price crash risk. We further investigate the possible underlying mechanisms through which short-sale constraints affect stock price crash risk. We provide evidence suggesting that lifting of short-sale constraints reduces crash risk by constraining managerial bad news hoarding and improving corporate investment efficiency. The results of our study shed new light on the cause of stock price crash risk as well as the roles that short sellers play in monitoring managerial disclosure strategies and real investment decisions.
Book Synopsis Short Sale, Margin Purchase, and Stock Price Crash Risk by : Yan Luo
Download or read book Short Sale, Margin Purchase, and Stock Price Crash Risk written by Yan Luo and published by . This book was released on 2016 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the impact of short-sale and margin-purchase on stock price crash risk in the Chinese markets. China lifted bans on short-sale and margin-purchase for stocks on an expanding designated list since March 2010. Results of difference in different tests reveal that the removal of bans on short-sale and margin-purchase is followed by a reduction in stock price crash risk over the subsequent six months. Utilizing firm-level daily short-sale and margin-purchase turnover data, we find that short sales reduce future stock price crash risk whereas margin purchases add to the risk.
Book Synopsis Stock Price Crash Risk on International Stock Markets by : Dominick Franzi
Download or read book Stock Price Crash Risk on International Stock Markets written by Dominick Franzi and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between opacity in financial reporting and the distribution of stock returns. The performance of stocks in the Swiss stock market is analyzed in a sample period from 1985 till 2010 with regard to the level of firms' opaqueness in financial statements. Using earnings management as a measure for opacity, it is shown that opacity is associated with stock price crash risk. Opaque firms are more susceptible to stock price crashes, but not more prone to explore positive jump events than firms with high transparency in financial reporting.
Book Synopsis Analyst Coverage and Stock Price Crash Risk by : Yvonne I-Fang Lee
Download or read book Analyst Coverage and Stock Price Crash Risk written by Yvonne I-Fang Lee and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, I investigate the impact of analyst coverage changes on firms' subsequent firm-specific crash risk. Using a sample of 24,228 firm-year observations from 2000 to 2013, I show that changes in analyst coverage are negatively associated with changes in one-year-ahead crash risk. This result is consistent with analysts' information gathering activities and analyses limiting bad news hoarding behavior, and is generally inconsistent with analyst pressure leading to more bad news hoarding by managers. Moreover, I find the negative association between coverage changes and changes in subsequent crash risk to be more pronounced when the coverage change is attributable to Institutional Investor All-Star analysts. This supports my conjecture that a combination of skills, information acquisition advantages, and reputation allows star analysts to more efficiently disseminate information to the market and reduce the likelihood of future crashes for the firms they cover than their non-star counterparts. My findings are robust to the use of alternative measures of crash risk and after controlling for potential endogeneity. Finally, consistent with the argument that both the investors' demands for analyst coverage and the value analysts can provide through their information acquisition should increase with firm-specific risk, I document a positive association between prior firm-specific crash risk and analyst coverage for the firms. My findings also suggest that star and non-star analysts have distinct decision models and choose what firms to cover based on different factors.
Book Synopsis Do Executives Have Fixed Effects on Firm-Level Stock Price Crash Risk? by : Jiaxin Liu
Download or read book Do Executives Have Fixed Effects on Firm-Level Stock Price Crash Risk? written by Jiaxin Liu and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stock Liquidity and Stock Price Crash Risk by : Xin Chang
Download or read book Stock Liquidity and Stock Price Crash Risk written by Xin Chang and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We find that stock liquidity increases stock price crash risk. To identify the causal effect, we use the decimalization of stock trading as an exogenous shock to liquidity. This effect is increasing in a firm's ownership by transient investors and non-blockholders. Liquid firms have a higher likelihood of future bad earnings news releases, which are accompanied by greater selling by transient investors, but not blockholders. Our results suggest that liquidity induces managers to withhold bad news, fearing that its disclosure will lead to selling by transient investors. Eventually, accumulated bad news is released all at once, causing a crash.
Book Synopsis Stock Price Crash Risk and Insider Trading by : Sunny Chen
Download or read book Stock Price Crash Risk and Insider Trading written by Sunny Chen and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of prior crash risk on insider trading behaviour using a sample of Chinese A-share firms for the 2010-2015 period. Prior crash risk is publicly available information yet represents a source of informational advantage for insiders due to their unique capacity to assess its impact on stock price. Consistent with this assertion, we find a positive correlation between prior crash risk and insider sales value scaled by firm value. This result is robust to market sentiment and contrarian strategy. The result still holds after accounting for possible endogeneity issues using a two-stage least squares estimation. Additionally, we find the relationship is attenuated in state-owned enterprises (SOEs), where corporate governance affects insider motivation and creates administrative restrictions. Our study contributes to the growing literature on crash risk consequences by examining its association with insider trading behaviour. Our results are economically meaningful and feature important implications for investors, boards of directors, and policymakers.
Book Synopsis Analyst Herding and Stock Price Crash Risk by : Xuanyu Jiang
Download or read book Analyst Herding and Stock Price Crash Risk written by Xuanyu Jiang and published by . This book was released on 2015 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a rich database of Chinese firms, we examine the proposition that firms with disproportionately more analysts 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, herding measures, and subsamples. In addition, we document that the positive relation between analyst herding behavior and future stock price crash risk is more pronounced when firms have higher information asymmetry. Furthermore, we find no correlation between analyst herding and positive stock price jumps and firms with disproportionately more analysts herding have greater stock price synchronicity.
Book Synopsis Disaggregation Quality and Stock Price Crash Risk by : 蔡念儒
Download or read book Disaggregation Quality and Stock Price Crash Risk written by 蔡念儒 and published by . This book was released on 2020 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Effects of Transparency in International Equity Markets by : Mark Lang
Download or read book Economic Effects of Transparency in International Equity Markets written by Mark Lang and published by Now Publishers Inc. This book was released on 2011 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph reviews the existing accounting, finance and economics literature on the economic effects of transparency in international equity markets, considers aspects of an international setting that make it an interesting environment for investigating these effects, and suggests directions for future research
Book Synopsis Tax Avoidance and Capital Structure by : Alessandro Gabrielli
Download or read book Tax Avoidance and Capital Structure written by Alessandro Gabrielli and published by Springer Nature. This book was released on 2023-05-23 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the implications of tax avoidance for a firm’s capital structure, highlighting the key role played by free cash flow and agency conflicts. First, the book provides an outline of the theories and empirical evidence concerning the role of taxes in the Theory of Capital Structure. It reviews the studies investigating the relationship between agency conflicts and capital structure. The book explores the role of free cash flow and agency conflicts in the relationship between tax avoidance and capital structure. In the final section, the results of an empirical investigation conducted on a sample of U.S. public firms are also presented. The empirical research examines whether and how tax avoidance is associated with debt covenant violation across the stages of the corporate life cycle. Specifically, the research uses the concept of the corporate life cycle stage to analyse whether and how the association between tax avoidance and debt covenant violation varies in different agency settings. Consistent with the hypotheses drawn on the Agency Theory, the findings of the empirical research suggest life cycle stages moderate the association between tax avoidance and debt covenant violation. Overall, this book sheds light on the potential implications of tax avoidance activities for a firm’s capital structure. The book will be of interest to both experienced and early-stage scholars interested in the topic. Moreover, the book will also be of interest to policymakers, investors, analysts, lenders, and other market participants.
