Managerial stock ownership and firm-level stock crash risk : evidence from China's stock markets

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Managerial stock ownership and firm-level stock crash risk : evidence from China's stock markets

 

Author: Sun, Wei
Title: Managerial stock ownership and firm-level stock crash risk : evidence from China's stock markets
Degree: M.Sc.
Year: 2012
Subject: Employee stock options -- China.
Corporations -- Finance -- China.
Stocks -- Prices -- China.
Stock exchanges -- China.
Hong Kong Polytechnic University -- Dissertations
Department: Graduate School of Business
Pages: iv, 57 leaves : ill. ; 30 cm.
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2531565
URI: http://theses.lib.polyu.edu.hk/handle/200/6765
Abstract: This study investigates the relationship between managerial stock ownership and firm's stock price crash risk in China's stock markets. I use a large sample of China's listed firms during the period 2000-2009 and find that managerial stock ownership is negatively and significantly related to firm's stock crash risk. By further examining the sub-groups of managerial stock ownership, I provide additional evidence to support the negative relationship. In this study, I also find that firms with larger state ownership and firms listed in Shanghai stock market are more prone to future stock crash risk.

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