Scholarlink

<p>Using a large sample of Chinese CSVs, we find that some CSVs are just shows and are positively related to one-year-ahead stock price crash risk. The network analysis method is utilized to differentiate between CSVs that are orchestrated shows and those that are normal. The findings indicate that CSV shows associated with higher stock price crash risk. However, normal CSVs have no significant impact on stock price crash risk. Our findings are robust in a series of tests. Mechanism analysis indicates that CSV shows fail to alleviate information asymmetry, resulting in the concealment of bad news, thereby leading to higher future crash risk. Moreover, we find that the positive impact of CSV shows on price crash risk is weakened for firms with stronger monitoring, such as those with high-quality information disclosure and State-Owned ownership.</p>

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Corporate site visit of sharers: Is it real or just a show?

  • 期刊论文

  • 发表日期：

    2026年3月6日

查看全文
  • Jinyu Yang,
  • Dayong Dong,
  • Chao Liang,
  • Luu Duc Toan Huynh

摘要

Using a large sample of Chinese CSVs, we find that some CSVs are just shows and are positively related to one-year-ahead stock price crash risk. The network analysis method is utilized to differentiate between CSVs that are orchestrated shows and those that are normal. The findings indicate that CSV shows associated with higher stock price crash risk. However, normal CSVs have no significant impact on stock price crash risk. Our findings are robust in a series of tests. Mechanism analysis indicates that CSV shows fail to alleviate information asymmetry, resulting in the concealment of bad news, thereby leading to higher future crash risk. Moreover, we find that the positive impact of CSV shows on price crash risk is weakened for firms with stronger monitoring, such as those with high-quality information disclosure and State-Owned ownership.