Stock price synchronicity, crash risk, and institutional investors

Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive to monitor due to their large stake holdings and long investment horizons. In contrast, the relations become positive for transient inst...

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Vydáno v:	Journal of corporate finance (Amsterdam, Netherlands) Ročník 21; s. 1 - 15
Hlavní autoři:	An, Heng, Zhang, Ting
Médium:	Journal Article
Jazyk:	angličtina
Vydáno:	Amsterdam Elsevier B.V 01.06.2013 Elsevier Elsevier Science Ltd
Témata:	Agency problem Cash flow Crash risk Institutional investments Institutional monitoring Investment policy Risk management Stock price synchronicity Stock prices Studies Agency problem Crash risk G2 G3 Institutional monitoring Stock price synchronicity
ISSN:	0929-1199, 1872-6313
On-line přístup:	Získat plný text
Tagy:	Přidat tag Žádné tagy, Buďte první, kdo vytvoří štítek k tomuto záznamu!

Abstract	Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive to monitor due to their large stake holdings and long investment horizons. In contrast, the relations become positive for transient institutional investors as they tend to trade rather than monitor. These findings suggest that institutional monitoring limits managers' extraction of the firm's cash flows, which reduces the firm-specific risk absorbed by managers, thereby leading to a lower R2. Moreover, institutional monitoring mitigates managerial bad-news hoarding, which results in a stock price crash when the accumulated bad news is finally released. ► Dedicated institutional investors decrease stock price synchronicity. ► Transient institutional investors increase stock price synchronicity. ► Dedicated institutional investors decrease stock crash risk. ► Transient institutional investors increase stock crash risk. ► Results are consistent with the Jin and Myers (2006) model.
AbstractList	Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive to monitor due to their large stake holdings and long investment horizons. In contrast, the relations become positive for transient institutional investors as they tend to trade rather than monitor. These findings suggest that institutional monitoring limits managers' extraction of the firm's cash flows, which reduces the firm-specific risk absorbed by managers, thereby leading to a lower R^sup 2^. Moreover, institutional monitoring mitigates managerial bad-news hoarding, which results in a stock price crash when the accumulated bad news is finally released. [PUBLICATION ABSTRACT] Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive to monitor due to their large stake holdings and long investment horizons. In contrast, the relations become positive for transient institutional investors as they tend to trade rather than monitor. These findings suggest that institutional monitoring limits managers' extraction of the firm's cash flows, which reduces the firm-specific risk absorbed by managers, thereby leading to a lower R2. Moreover, institutional monitoring mitigates managerial bad-news hoarding, which results in a stock price crash when the accumulated bad news is finally released. ► Dedicated institutional investors decrease stock price synchronicity. ► Transient institutional investors increase stock price synchronicity. ► Dedicated institutional investors decrease stock crash risk. ► Transient institutional investors increase stock crash risk. ► Results are consistent with the Jin and Myers (2006) model.
Author	An, Heng Zhang, Ting
Author_xml	– sequence: 1 givenname: Heng surname: An fullname: An, Heng email: hunteran@uncg.edu organization: Bryan School of Business and Economics, University of North Carolina at Greensboro, Greensboro, NC 27402, USA – sequence: 2 givenname: Ting surname: Zhang fullname: Zhang, Ting organization: School of Business Administration, University of Dayton, Dayton, OH 45469, USA
BackLink	http://www.econis.eu/PPNSET?PPN=749951702$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften
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Snippet	Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive...
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SubjectTerms	Agency problem Cash flow Crash risk Institutional investments Institutional monitoring Investment policy Risk management Stock price synchronicity Stock prices Studies
Title	Stock price synchronicity, crash risk, and institutional investors
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