This study investigates the impact of equity market competition on stock price crash risk. Higher levels of equity market competition lead to a faster incorporation of information into stock prices, so that the amount of information that is at any time impounded into prices is greater. I find...

This study examines the relation between firm life cycle and stock price crash risk. Consistent with the argumentation that heterogeneity in investor beliefs about firm fundamental values is highest during the introduction and growth stage, we find that crash risk peaks in these stages....

"We survey 1,050 CFOs in the U.S., Europe, and Asia to assess whether their firms are credit constrained during the global credit crisis of 2008. We study whether corporate spending plans differ conditional on this measure of financial constraint. Our evidence indicates that constrained firms...