接近監管層與股價崩盤風險

作者：Thomas R. Kubick and G. Brandon Lockhart

摘要：我們探究了證監會監督影響企業信息披露行為的可能性，這一影響通過降低個股價格崩盤可能性的方式實現。企業位置離證監會越遠，有更大的股價崩盤風險，這一現象對于那些财務報表可讀性越差的企業越顯著，同時對證監會監督預算越小的企業越顯著。在諸如證監會區域性辦公地點變動等外生作用下，我們可以得到類似的結論。我們的結果表明證監會監督使得信息披露行為降低了大的負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.

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

翻譯：成祺炯