Stock liquidity and stock price crash risk
We find that stock liquidity increases stock price crash risk. To identify the causal effect, we use the decimalization of stock trading as an exogenous shock to liquidity. This effect is increasing in a firm’s ownership by transient investors and nonblockholders. Liquid firms have a higher likeliho...
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| Main Authors: | , , |
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| 格式: | Article |
| 語言: | English |
| 出版: |
2018
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| 主題: | |
| 在線閱讀: | https://hdl.handle.net/10356/90182 http://hdl.handle.net/10220/47221 |
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