The Impact Of Information Technology On Stock Price Crash Risk

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The Impact of Information Technology on Stock Price Crash Risk

Author : Feng Guo
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Impact of Information Technology on Stock Price Crash Risk by : Feng Guo

Download or read book The Impact of Information Technology on Stock Price Crash Risk written by Feng Guo and published by . This book was released on 2019 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of information technologies on stock price crash risk. Information technology advancements change the way firm-specific information is disseminated and acquired, providing significant benefits to investors. We use the required staggered implementation of the SEC's Electronic Data Gathering and Analysis Retrieval system (EDGAR) to examine the impact of information technologies on stock price crash risk. We find that the implementation of EDGAR is associated with a decrease in stock price crash risk and this effect is more pronounced for firms with greater information asymmetry. Additionally, we provide evidence that conservatism increases following the EDGAR implementation, suggesting that more timely recognition of bad news is a channel through which stock price crash risk decreases following the implementation. Our results suggest that information technologies that strengthen the monitoring ability of investors limit managers' ability to conceal and hoard bad news, which ultimately reduces stock price crash risk.

Analyst Coverage and Stock Price Crash Risk

Author : Yvonne I-Fang Lee
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (973 download)

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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.

Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

Author : Vilas Gaikar
Publisher : Springer Nature
ISBN 13 : 946463054X
Total Pages : 830 pages
Book Rating : 4.4/5 (646 download)

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Book Synopsis Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022) by : Vilas Gaikar

Download or read book Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022) written by Vilas Gaikar and published by Springer Nature. This book was released on 2023-02-10 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. As a leading role in the global megatrend of scientific innovation, China has been creating a more and more open environment for scientific innovation, increasing the depth and breadth of academic cooperation, and building a community of innovation that benefits all. Such endeavors are making new contributions to the globalization and creating a community of shared future. FMET is to bring together innovative academics and industrial experts in the field of Financial Management and Economic to a common forum. We will discuss and study about Financial marketing, Corporate finance, Management and administration of commercial Banks, International trade theory and practice, Economy and foreign economic management, Economic information management and other fields. FMET 2022 also aims to provide a platform for experts, scholars, engineers, technicians and technical R & D personnel to share scientific research achievements and cutting-edge technologies, understand academic development trends, expand research ideas, strengthen academic research and discussion, and promote the industrialization cooperation of academic achievements. To adapt to this changing world and China's fast development in the new era, 2022 2nd International Conference on Financial Management and Economic Transition to be held in August 2022. This conference takes "bringing together global wisdom in scientific innovation to promote high-quality development" as the theme and focuses on cutting-edge research fields including Financial Management and Economic Transition. FMET 2022 encourages the exchange of information at the forefront of research in different fields, connects the most advanced academic resources in China and the world, transforms research results into industrial solutions, and brings together talent, technology and capital to drive development. The conference sincerely invites experts, scholars, business people and other relevant personnel from universities, scientific research institutions at home and abroad to attend and exchange!

Corporate Responsibility and Legitimacy

Author : James J. Brummer
Publisher : Praeger
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Corporate Responsibility and Legitimacy by : James J. Brummer

Download or read book Corporate Responsibility and Legitimacy written by James J. Brummer and published by Praeger. This book was released on 1991-06-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing upon research from a variety of disciplines, this volume offers a systematic discussion of the issues and assumptions of the corporate responsibility debate. James J. Brummer provides an extensive review of the relevant literature and develops a methodology for treating specific problems of corporate responsibility, illustrating its use in actual practice. The book also proposes a theory of corporate responsibility and legitimacy that builds upon the concept of accountability and explores the relevance of applying methods of study traditionally associated with the humanities to contemporary problems of corporate ethics. The author begins by addressing general concepts and principles including types of corporate responsibility, relations of accountability, models of the corporation, and theories of institutional legitimacy. Part Two outlines the four theories of corporate responsibility--the classical, stakeholder, social demandingness, and social activist theories--and examines their major premises and supporting evidence. Two chapters treat the specific issue of plant closing or relocation in relation to each of the four theories of corporate responsibility. Finally, the author discusses collective and subordinate responsibility, paying particular attention to the concept of whistleblowing. The concluding chapter summarizes the corporate responsibility debate and analyzes various models of accountability. An ideal supplemental text for courses in business ethics and public administration, this volume is also an invaluable resource for executives confronted with issues of corporate responsibility in their own operations.

Analyst Coverage and Future Stock Price Crash Risk

Author : Guanming He
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Analyst Coverage and Future Stock Price Crash Risk by : Guanming He

Download or read book Analyst Coverage and Future Stock Price Crash Risk written by Guanming He and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether financial analysts play an effective role as information intermediaries and monitors has triggered a wide spread of debate among academics and practitioners to date. We complement this debate by investigating the association between analyst coverage and firm-specific future stock price crash risk. Using a large sample of U.S. public firms and the crash risk measure of Hutton et al. (2009), we find strong and robust evidence that a high level of analyst coverage is associated with lower future stock price crash risk, which offers support for the view that analysts serve positive roles as information intermediaries and monitors in the stock markets. We also find that the negative association between analyst coverage and stock price crash risk is stronger for firms that have high financial opacity. Additional analysis reveals that analyst forecast pessimism is negatively associated with future crash risk. Our study is thus of interest to investors who seek analyst reports for their investment decision-making. Also, our findings have some other important implications for practitioners, given the economic and welfare consequences of stock price crashes. Specifically, market participants can use analyst coverage as an indicator to assess future stock price crash risk, as well as the likelihood and extent of insiders' bad news hoarding that results in crash risk; this is particularly relevant to investors for their portfolio investment decisions and to suppliers and creditors who monitor their clients' creditworthiness.

Corporate Social Responsibility

Author : Andrew Crane
Publisher : Routledge
ISBN 13 : 1000021238
Total Pages : 659 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Corporate Social Responsibility by : Andrew Crane

Download or read book Corporate Social Responsibility written by Andrew Crane and published by Routledge. This book was released on 2014 with total page 659 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a relatively young subject matter, corporate social responsibility has unsurprisingly developed and evolved in numerous ways since the first edition of this textbook was published. Retaining the features which made the first edition a top selling text in the field, the new edition continues to be the only textbook available which provides a ready-made, enhanced course pack for CSR classes. Authoritative editor introductions provide accessible entry points to the subjects covered - an approach which is particularly suited to advanced undergraduate and postgraduate teaching that emphasises a research-led approach. New case studies are integrated throughout the text to enable students to think and analyze the subject from every angle. The entire textbook reflects the global nature of CSR as a discipline and further pedagogical features include chapter learning outcomes; study questions; ‘challenges for practice’ boxes and additional ‘further reading’ features at the end of each chapter. This highly rated textbook now also benefits from a regularly updated companion website which features a brand new 'CSR Case Club' presenting students and lecturers with further case suggestions with which to enhance learning; lecture slides; updates from the popular Crane and Matten blog, links to further reading and career sites, YouTube clips and suggested answers to study questions. An Ivey CaseMate has also been created for this book at https://www.iveycases.com/CaseMateBookDetail.aspx?id=335.

Valuation of Internet and Technology Stocks

Author : Brian Kettell
Publisher : Elsevier
ISBN 13 : 0080520383
Total Pages : 223 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Valuation of Internet and Technology Stocks by : Brian Kettell

Download or read book Valuation of Internet and Technology Stocks written by Brian Kettell and published by Elsevier. This book was released on 2002-03-25 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation of Internet and Technology Stocks offers practical information on how to value internet and high-tech companies more accurately. The book reviews previous practice, highlights the deficiencies in existing stock market techniques, and shows how to modify or replace them. It also demonstrates how the New Economics necessitates new forms of investment analysis. This book presents new ways of looking, researching and valuing internet and high-tech companies. It explains why there has been a high correlation between high loss companies and a rocketing stock price. It questions whether there is still a place for discounted cash flows when there is no cash flow to discount. It also considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques. Chapters deal with a wide range of topics including: where technology/internet stocks fit in a new economy; how you value traditional common stocks; application of the Porter model to the valuation of technology/internet stocks; problems with applying traditional valuation models for technology/internet stocks; derivative markets and real options; and the lessons that can be learned by investors from the year 2000 collapse of technology/internet stocks. This text will be of interest to traders, investment managers, institutional investors, plan managers, and finance professionals. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

Customer Concentration, Bad News Withholding, and Stock Price Crash Risk

Author : Yangyang Chen
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (13 download)

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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.

AI and Financial Markets

Author : Shigeyuki Hamori
Publisher : MDPI
ISBN 13 : 3039362240
Total Pages : 230 pages
Book Rating : 4.0/5 (393 download)

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Book Synopsis AI and Financial Markets by : Shigeyuki Hamori

Download or read book AI and Financial Markets written by Shigeyuki Hamori and published by MDPI. This book was released on 2020-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial intelligence (AI) is regarded as the science and technology for producing an intelligent machine, particularly, an intelligent computer program. Machine learning is an approach to realizing AI comprising a collection of statistical algorithms, of which deep learning is one such example. Due to the rapid development of computer technology, AI has been actively explored for a variety of academic and practical purposes in the context of financial markets. This book focuses on the broad topic of “AI and Financial Markets”, and includes novel research associated with this topic. The book includes contributions on the application of machine learning, agent-based artificial market simulation, and other related skills to the analysis of various aspects of financial markets.

Acceleration of Digital Innovation & Technology towards Society 5.0

Author : Dian Puteri Ramadhani
Publisher : Taylor & Francis
ISBN 13 : 1000789691
Total Pages : 519 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis Acceleration of Digital Innovation & Technology towards Society 5.0 by : Dian Puteri Ramadhani

Download or read book Acceleration of Digital Innovation & Technology towards Society 5.0 written by Dian Puteri Ramadhani and published by Taylor & Francis. This book was released on 2022-11-14 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable Collaboration in Business, Technology, Information, and Innovation (SCBTII 2021) focused on "Acceleration of Digital Innovation & Technology towards Society 5.0". This proceeding offers valuable knowledge on research-based solutions to accelerate innovation and technology by introducing economic transformation to solve various challenges in the economy slow-down during the post-pandemic era. The business sector should have the ability to gain sustainable competitive advantage, and quality growth by synergizing management capabilities, mastery of technology, and innovation strategies to adapt to external trends and events. This Proceeding is classified into four tracks: Digital-Based Management; Strategy, Entrepreneurship, Economics; Finance and Corporate Governance; and Accounting. This valuable research will help academicians, professionals, entrepreneurs, researchers, learners, and other related groups from around the world who have a special interest in theories and practices in the field of business and digital innovation and technology towards society 5.0.

Boom and Bust

Author : William Quinn
Publisher : Cambridge University Press
ISBN 13 : 1108369359
Total Pages : 297 pages
Book Rating : 4.1/5 (83 download)

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Book Synopsis Boom and Bust by : William Quinn

Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Capitalizing China

Author : Joseph P. H. Fan
Publisher : University of Chicago Press
ISBN 13 : 0226237249
Total Pages : 401 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Capitalizing China by : Joseph P. H. Fan

Download or read book Capitalizing China written by Joseph P. H. Fan and published by University of Chicago Press. This book was released on 2013 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."

Savage Theories

Author : Pola Oloixarac
Publisher : Soho Press
ISBN 13 : 1616957352
Total Pages : 305 pages
Book Rating : 4.6/5 (169 download)

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Book Synopsis Savage Theories by : Pola Oloixarac

Download or read book Savage Theories written by Pola Oloixarac and published by Soho Press. This book was released on 2017 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: A student at the Buenos Aires School of Philosophy attempts to put her life (academically and romantically) in the service of a professor whose nearly forgotten theories of violence she plans to popularise and radicalise - against his wishes. Meanwhile, a young couple - a documentary filmmaker and a blogger - engage in a series of cerebral and sexual misadventures. In a novel crammed with philosophy, group sex, revolutionary politics and a fighting fish named Yorick, Oloixarac leads her characters and the reader through dazzling and digressive intellectual byways.

Why Stock Markets Crash

Author : Didier Sornette
Publisher : Princeton University Press
ISBN 13 : 0691175950
Total Pages : 448 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Why Stock Markets Crash by : Didier Sornette

Download or read book Why Stock Markets Crash written by Didier Sornette and published by Princeton University Press. This book was released on 2017-03-21 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes, global warming, demographic patterns, financial crises, and the failure of materials. In this book, Didier Sornette boldly applies his varied experience in these areas to propose a simple, powerful, and general theory of how, why, and when stock markets crash. Most attempts to explain market failures seek to pinpoint triggering mechanisms that occur hours, days, or weeks before the collapse. Sornette proposes a radically different view: the underlying cause can be sought months and even years before the abrupt, catastrophic event in the build-up of cooperative speculation, which often translates into an accelerating rise of the market price, otherwise known as a "bubble." Anchoring his sophisticated, step-by-step analysis in leading-edge physical and statistical modeling techniques, he unearths remarkable insights and some predictions--among them, that the "end of the growth era" will occur around 2050. Sornette probes major historical precedents, from the decades-long "tulip mania" in the Netherlands that wilted suddenly in 1637 to the South Sea Bubble that ended with the first huge market crash in England in 1720, to the Great Crash of October 1929 and Black Monday in 1987, to cite just a few. He concludes that most explanations other than cooperative self-organization fail to account for the subtle bubbles by which the markets lay the groundwork for catastrophe. Any investor or investment professional who seeks a genuine understanding of looming financial disasters should read this book. Physicists, geologists, biologists, economists, and others will welcome Why Stock Markets Crash as a highly original "scientific tale," as Sornette aptly puts it, of the exciting and sometimes fearsome--but no longer quite so unfathomable--world of stock markets.

Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics

Author : Seungho Jung
Publisher : International Monetary Fund
ISBN 13 : 1557759677
Total Pages : 36 pages
Book Rating : 4.5/5 (577 download)

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Book Synopsis Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics by : Seungho Jung

Download or read book Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics written by Seungho Jung and published by International Monetary Fund. This book was released on 2021-10-22 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.

Trade credit, financial intermediary development, and industry growth

Author : Raymond Fisman
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4./5 ( download)

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Book Synopsis Trade credit, financial intermediary development, and industry growth by : Raymond Fisman

Download or read book Trade credit, financial intermediary development, and industry growth written by Raymond Fisman and published by World Bank Publications. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.

Working Capital Management

Author : Lorenzo Preve
Publisher : Oxford University Press
ISBN 13 : 0199741980
Total Pages : 173 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis Working Capital Management by : Lorenzo Preve

Download or read book Working Capital Management written by Lorenzo Preve and published by Oxford University Press. This book was released on 2010-04-28 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Working Capital Management provides a general framework that will help managers understand working capital using a comprehensive approach that links operating decisions to their financial implications and to the overall business strategy. It will also help managers to gain a better understanding of the key drivers to profitability and value creation.