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Stock price crash risk: review of the empirical literature

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.
Type
Journal Article
Type of thesis
Series
Citation
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
Date
2017
Publisher
Wiley
Degree
Supervisors
Rights
This is an author’s accepted version of an article published in the journal: Accounting & Finance. © 2017 AFAANZ.