Time/时间：5月26日 10:00am – 11:30am
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目： Organizational Capital and Stock Price Crash Risk
Speaker/报告人： 李珊助理教授
Online Conference ID/腾讯会议号：240-236-646
Abstract/摘要：Using data from 64,270 U.S. publicly listed firms over the 1995-2020 period, we empirically investigate whether and how organization capital affects future stock price crash risk. We document significant and robust evidence that firms with high organization capital are more likely to experience future stock price crashes, even after controlling for a battery of firm characteristics, using alternative measures of crash risk, and addressing potential endogeneity concerns associated with organization capital investments. We also find that the positive organizational capital-crash risk effect is more pronounced in informationally opaque firms with serious agency problems and having higher risk-taking incentives. However, effective external monitoring mechanisms lower managers’ bad news hoarding behaviors, reducing the likelihood of future stock price crashes. Further analysis indicates that industries with low labor mobility accentuate the positive organizational capital-crash risk effect. Overall, our findings are very much consistent with the view that corporate intangibles exacerbate information asymmetry and agency conflicts, which heightens the probability of future stock price crashes.
About the Speaker/报告人简介：李珊，现任厦门大学财务管理与会计研究院助理教授，主要研究领域为公司财务、文本分析等。在Journal of Corporate Finance、Accounting and Finance、Review of Quantitative Finance and Accounting、Journal of International Financial Markets, Institutions and Money等国外期刊发表论文，有多篇工作论文发表于FMA、EFMA、AFA等知名国际会议，兼任International Review of Finance、European Journal of Finance等期刊匿名审稿人。主持国家社科基金青年项目、福建省教育厅中青年教师基金等科研项目。