接近监管层与股价崩盘风险

作者：Thomas R. Kubick and G. Brandon Lockhart

摘要：我们探究了证监会监督影响企业信息披露行为的可能性，这一影响通过降低个股价格崩盘可能性的方式实现。企业位置离证监会越远，有更大的股价崩盘风险，这一现象对于那些财务报表可读性越差的企业越显著，同时对证监会监督预算越小的企业越显著。在诸如证监会区域性办公地点变动等外生作用下，我们可以得到类似的结论。我们的结果表明证监会监督使得信息披露行为降低了大的负面信息披露的可能性。

Proximity to the SEC and Stock Price Crash Risk

Thomas R. Kubick and G. Brandon Lockhart

Abstract:We explore the possibility that Securities Exchange Commission (SEC) oversight influences disclosure practices in a manner that reduces the likelihood of individual stock price crashes. Firms located farther from the SEC have greater stock price crash risk and this result is more pronounced for firms with financial statements that are less readable (those with larger 10-K filings) and more pronounced when SEC budgets are relatively smaller. Similar results are obtained in response to SEC regional office location changes that are more likely to be exogenous. Our results suggest that SEC oversight induces disclosure practices that reduce the likelihood of large negative disclosures.

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12122/pdf

翻译：成祺炯