报告题目：Just a show? Corporate site visits and stock price crash risk

报 告 人：杨谨瑜（西南交通大学）

报告时间： 2023年12月14日14:00

报告地点：一教A4036

主办单位：最火pg电子官网

报告人简介：

西南交通大学经济管理学院博士、最火pg电子官网2018级应用经济学硕士

内容简介：

Using a large sample of Chinese corporate site visits (CVSs), we find some CSVs are just shows and positively related to one-year ahead stock price crash risk. Network analysis method is used to identify which type of CSV is a show and which is a normal CSV. The findings indicate that CSV shows help managers hide bad news result in higher stock price crash risk, but the normal CSVs have no significant impact on stock price crash risk. Our findings are robust for a series of tests. Additional findings show that the impact of CSV shows on price crash risk is stronger for firms with lower disclosure and at non-SOEs, which support the relation between CSV shows and crash risk is driven by bad news hoarding.