Financial Management (Wiley-Blackwell). Summer2016, Vol. 45 Issue 2, p341-367

鄰近證券交易委員會與股價崩盤風險

作者：Thomas R. Kubick (University of Kansas), G. Brandon Lockhart (Clemson University)

摘要：我們探究了美國證券交易委員會（SEC）的監管對披露行為的影響，該影響能在某種程度上減少個股價格崩盤的可能性。離證券交易委員會更遠的公司有更大的價格崩盤風險，并且當公司的财務報表可讀性更低以及證券交易委員會的預算相對更小時，這一結果更為顯著。相似的結果也可以從證券交易委員會區域辦公地點變化得到，這些辦公地點的變化是外生性的。我們的結果顯示，SEC的監管緻使公司在披露行為中降低了大規模負面披露的可能性。

Proximity to the SEC and Stock Price Crash Risk.

Thomas R. Kubick (University of Kansas), G. Brandon Lockhart (Clemson University)

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.

原文鍊接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12122/pdf

翻譯：孫雨琦