{"title":"The effect of investor attention on stock price crash risk","authors":"Ting-Hsuan Chen, Kai-Sheng Chen","doi":"10.1016/j.jempfin.2023.101456","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigations the relationship between investor attention and stock price crash risk in different markets and different levels of natural-person ownership. Google's search volume is primarily employed as a proxy for investor attention. The empirical results show that the higher investor attention, the higher future crash risk, with this effect being more pronounced among firms listed on the over-the-counter market and firms with a high level of natural-person ownership. This study fills the gap in research on the factors affecting stock price crashes from the perspective of investor behavior.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":"75 ","pages":"Article 101456"},"PeriodicalIF":2.1000,"publicationDate":"2023-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Empirical Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927539823001238","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigations the relationship between investor attention and stock price crash risk in different markets and different levels of natural-person ownership. Google's search volume is primarily employed as a proxy for investor attention. The empirical results show that the higher investor attention, the higher future crash risk, with this effect being more pronounced among firms listed on the over-the-counter market and firms with a high level of natural-person ownership. This study fills the gap in research on the factors affecting stock price crashes from the perspective of investor behavior.
期刊介绍：
The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.
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