Internet searching and stock price crash risk: Evidence from a quasi-natural experiment

In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for firms searched for more via Google before its withdrawal subsequently increases by 19%, suggesting that Internet searching facilitates inves...

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Vydáno v:	Journal of financial economics Ročník 141; číslo 1; s. 255 - 275
Hlavní autoři:	Xu, Yongxin, Xuan, Yuhao, Zheng, Gaoping
Médium:	Journal Article
Jazyk:	angličtina
Vydáno:	Amsterdam Elsevier B.V 01.07.2021 Elsevier Sequoia S.A
Témata:	Business schools Database searching Financial economics Financial management Information processing Information services Internet Internet searching Internet stocks Internet/Web search services Investments Investor behavioral bias Investors Online information services Online searching Online services Prices Prices and rates Risk Risk assessment Search engines Stock price crash risk Stock prices Stocks Investor behavioral bias G41 Information processing Internet searching G12 G14 Stock price crash risk
ISSN:	0304-405X, 1879-2774
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Abstract	In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for firms searched for more via Google before its withdrawal subsequently increases by 19%, suggesting that Internet searching facilitates investors’ information processing. The sensitivity of stock returns to negative Internet posts also rises by 36%. The increase in crash risk is more pronounced when firms are more likely to hide adverse information and when information intermediaries are less effective in assisting investors’ information processing. In addition, liquidity (price delay) decreases (increases) after Google's withdrawal.
AbstractList	In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for firms searched for more via Google before its withdrawal subsequently increases by 19%, suggesting that Internet searching facilitates investors’ information processing. The sensitivity of stock returns to negative Internet posts also rises by 36%. The increase in crash risk is more pronounced when firms are more likely to hide adverse information and when information intermediaries are less effective in assisting investors’ information processing. In addition, liquidity (price delay) decreases (increases) after Google's withdrawal.
Audience	Academic
Author	Xu, Yongxin Zheng, Gaoping Xuan, Yuhao
Author_xml	– sequence: 1 givenname: Yongxin surname: Xu fullname: Xu, Yongxin organization: Monash University, Monash Business School, Wellington Road, Clayton, Victoria 3800, Australia – sequence: 2 givenname: Yuhao surname: Xuan fullname: Xuan, Yuhao organization: Southwestern University of Finance and Economics, School of Accounting, No. 55 Guanghuacun Street, Chengdu, Sichuan 610074, PR China – sequence: 3 givenname: Gaoping surname: Zheng fullname: Zheng, Gaoping email: gaoping.zheng@rmit.edu.au organization: RMIT University, School of Economics, Finance, and Marketing, 445 Swanston Street, Building 80, GPO Box 2476, Melbourne, Victoria 3000, Australia
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Snippet	In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for... In 2010, Google unexpectedly withdrew its searching business from China, reducing investors' ability to find information online. The stock price crash risk for...
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SubjectTerms	Business schools Database searching Financial economics Financial management Information processing Information services Internet Internet searching Internet stocks Internet/Web search services Investments Investor behavioral bias Investors Online information services Online searching Online services Prices Prices and rates Risk Risk assessment Search engines Stock price crash risk Stock prices Stocks
Title	Internet searching and stock price crash risk: Evidence from a quasi-natural experiment
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