Due to the lockdown regulations worldwide during the COVID-19 pandemic, the global aviation industry has been severely hit. This study focuses on the volatility estimation of stock indexes in the Chinese Airport Shipping Set (ASS) at industry-enterprise levels and identifies possible business...

This study examines whether and how risk disclosures in Management Discussion and Analysis (MD&A) affected the stock price crash risk of China's publicly listed firms over the period of 2017-2021. The empirical results show that risk disclosures within the MD&A section are signif‑ icantly and...

We examine whether the level of integrity in a society, i.e., social integrity, affects stock price crash risk. We explore two competing hypotheses. On the one hand, exposure to high levels of integrity may reduce managers' incentives to obfuscate information, thereby leading to lower crash...

This paper empirically tests the impact of CEO’s alumni relationships on the stock price crash risk during CEO turnover. Empirical tests find that CEOs’ advantage among alumni networks will increase stock price crash risk during CEO turnover to some degree. However, this effect is built on...