Contemporary Accounting Research, VOL33 ，NO. 1，2016

作者：J. B. Kim (University of Waterloo), L. Zhang (City University of Hong Kong)

摘要：通過使用1964 – 2007年美國公司的大量樣本，我們發現條件穩健性與更低的公司未來的股票價格暴跌可能性具有一定聯系。這一發現适用于采用多種不同方法測定條件穩健性和崩盤風險的情況，另外，在控制了其他已知的崩盤風險決定因素和公司固定效應後，結果仍是穩健的。此外，我們發現，對于具有較高的信息不對稱的公司，穩健性和暴跌風險之間的關系更為顯著。總的來說，我們的研究結果可以概括為：條件穩健性限制了經理人對投資者誇大業績和隐瞞壞消息的動機和能力，這反過來降低了股票價格暴跌的風險。

關鍵詞：條件穩健性；不對稱及時性；收益率分布；壞消息囤積；極端事件

Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence

J. B. Kim (University of Waterloo), L. Zhang (City University of Hong Kong)

ABSTRACT

Using a large sample of U.S. firms during 1964–2007, we find that conditional conservatism is associated with a lower likelihood of a firm's future stock price crashes. This finding holds for multiple measures of conditional conservatism and crash risk and is robust to controlling for other known determinants of crash risk and firm fixed effects. Moreover, we find that the relation between conservatism and crash risk is more pronounced for firms with higher information asymmetry. Overall, our results are consistent with the notion that conditional conservatism limits managers’ incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk.

Keywords: conditional conservatism; asymmetric timeliness; return distribution; bad news hoarding; extreme events

原文鍊接：

http://xueshu.baidu.com/s?wd=paperuri%3A%28984c50d4eb15c6bd990e30406c26c90e%29&filter=sc_long_sign&tn=SE_xueshusource_2kduw22v&sc_vurl=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2411369&ie=utf-8&sc_us=12952326814837003132

翻譯：黃濤