发表刊物：

Pacific-Basin Finance Journal

关键字：

Market inattention Strategical disclosure timing Stock price crash Bad news hoarding Information dissemination

摘要：

We study the relationship between firms' annual report disclosure timing and their future stock price crash risk. Using a sample of Chinese listed firms from 2001 to 2017, we find that firms switching their annual report disclosure timing from high to low market attention periods are associated with greater stock price crash risk in the future. This finding is robust when alternative stock price crash risk proxies are used and when the concern of omitted variables and selection bias are addressed. This effect is more pronounced in firms whose insiders face more personal costs for disclosing bad news and firms with weaker internal or external governance mechanisms that constrain the firm's tendency to conceal bad news. In summary, we find that firms hide bad news by strategically disclosing their annual reports during periods of low market attention, which in turn increases future stock price crash risk.

第一作者：

Li Tao

通讯作者：

Xiang Cheng

合写作者：

Xiang Cheng*,Liu Zhuo,Cai Wenwu

论文类型：

期刊论文

学科门类：

经济学

一级学科：

应用经济学

文献类型：

J

卷号：

62

页面范围：

1-17

是否译文：

否

发表时间：

2020-07-16