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    Stock price crash risk: Review of the empirical literature

    Access Status
    Fulltext not available
    Authors
    Habib, A.
    Hasan, Mostafa
    Jiang, H.
    Date
    2017
    Type
    Journal Article
    
    Metadata
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    Citation
    Habib, A. and Hasan, M. and Jiang, H. 2017. Stock price crash risk: Review of the empirical literature. Accounting and Finance. 58 (S1): pp. 211-251.
    Source Title
    Accounting and Finance
    DOI
    10.1111/acfi.12278
    ISSN
    0810-5391
    School
    Department of Finance and Banking
    URI
    http://hdl.handle.net/20.500.11937/54576
    Collection
    • Curtin Research Publications
    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.

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