This study examines the effect of industry cash flow volatility on the risks of stock price crash by investigating Chinese A-share listed companies from 2005 to 2015. Findings reveal that increases in the degree of volatility in industry cash flow significantly increase the risk of a stock price...

In this paper, I examine how labor shortage affects hiring-return relationship. I construct firm-year level measure of labor shortage using textual analysis of firms' SEC fillings. I show that the negative relationship between firm's hiring rate and its future return is only significant for...