Does the cutoff of “red capital” raise a red flag? Political connections and stock price crash risk

详细信息    查看全文

• 作者：Min Zhang^a ; ^b ; ^{minzhang@ruc.edu.cn} ; Yaosong Liu^a ; ^{liu_yaosong@163.com} ; Lu Xie^a ; ^{rbsxielu@163.com} ; Tingting Ye^c ; ^{yetingting_lisa@163.com}
• 关键词：Political connections ; Mandatory resignations ; Stock price crash risk ; Ownership property ; Geographic and industrial relevance
• 刊名：The North American Journal of Economics and Finance
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：39
• 期：Complete
• 页码：89-109
• 全文大小：430 K
• 卷排序：39

文摘

Effect of forced resignations of directors on stock price crash risk is considered. Resignations of politically-connected directors increase stock price crash risk. The effect of resignations is less pronounced in SOEs than in non-SOEs. The effect of resignations is influenced by the background of directors.