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      Stock price crash risk: review of the empirical literature

      Habib, Ahsan; Hasan, Mostafa Monzur; Jiang, Haiyan
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      Crashreview_Final.pdf
      Accepted version, 1.090Mb
      DOI
       10.1111/acfi.12278
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      Habib, A., Hasan, M. M., & Jiang, H. (2017). Stock price crash risk: review of the empirical literature. Accounting & Finance, online. https://doi.org/10.1111/acfi.12278
      Permanent Research Commons link: https://hdl.handle.net/10289/11855
      Abstract
      We survey the burgeoning literature on the determinants and consequences of firm‐specific future stock price crash risk. We synthesise a vast body of literature on the determinants of crash risk, identify weaknesses, and offer future research opportunities. We categorise the determinants into: (i) financial reporting and corporate disclosures, (ii) managerial incentives and managerial characteristics, (iii) capital market transactions, (iv) corporate governance mechanisms, and (v) informal institutional mechanisms. Despite a large body of research into the determinants of crash risk, very little research attention has been directed towards understanding the consequences of stock price crash.
      Date
      2017
      Type
      Journal Article
      Publisher
      Wiley
      Rights
      This is an author’s accepted version of an article published in the journal: Accounting & Finance. © 2017 AFAANZ.
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      • Management Papers [1134]
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