Abstract

 


 



Corporate Governance and Firm-Specific Stock Price Crashes


Panayiotis C. Andreou


Cyprus University of Technology; Durham University - Durham Business School

Constantinos Antoniou


University of Exeter - Xfi Centre for Finance and Investment

Joanne Horton


London School of Economics & Political Science (LSE) - Department of Accounting and Finance

Christodoulos Louca


Cyprus University of Technology; University of Durham

March 2013


Abstract:     
We investigate whether firms’ corporate governance systems affect their propensity to experience future stock price crashes. Results show that ownership structure, accounting opacity, as well as board structure and processes influence future crashes. These findings are stronger for firms that operate in less competitive industries and firms with greater return uncertainty, where the demand for managerial oversight is higher.

Number of Pages in PDF File: 50

Keywords: Crash Risk, Corporate Governance

JEL Classification: G30

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Date posted: March 28, 2012 ; Last revised: March 26, 2013

Suggested Citation

Andreou, Panayiotis C., Antoniou, Constantinos, Horton, Joanne and Louca, Christodoulos, Corporate Governance and Firm-Specific Stock Price Crashes (March 2013). Available at SSRN: http://ssrn.com/abstract=2029719 or http://dx.doi.org/10.2139/ssrn.2029719

Contact Information

Panayiotis C. Andreou
Cyprus University of Technology ( email )
School Of Management and Economics
P.O. Box 50329
Lemesos, 3603
Cyprus
HOME PAGE: http://www.pandreou.com
Durham University - Durham Business School ( email )
Mill Hill Lane
Durham, DH1 3LB
United Kingdom

Constantinos Antoniou
University of Exeter - Xfi Centre for Finance and Investment ( email )
Rennes Drive
Exeter, Devon EX4 4ST
United Kingdom
+44(0)1392726256 (Phone)
Joanne Horton
London School of Economics & Political Science (LSE) - Department of Accounting and Finance ( email )
Houghton Street
London WC2A 2AE
United Kingdom
Christodoulos Louca (Contact Author)
Cyprus University of Technology ( email )
School Of Management and Economics
Limassol
Cyprus
University of Durham ( email )
Durham Business School
Mill Hill Lane
Durham, DH1 3LB
United Kingdom
Feedback to SSRN (Beta)


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