This study examines whether external labour market competitions affect managers' bad news hoarding and the resultant stock price crashes. Using CEOs' exposure to the prestigious media-award-winning events of competitor CEOs, we document a significant increase in stock crash risk for firms with...

The momentum anomaly is widely attributed to investor cognitive biases, but the trigger of cognitive biases is largely unexplored. In this study, inspired by psychology studies linking cognitive biases to the noisiness of information, we examine whether momentum returns are associated with high...