Essays on stock price crash risk

Detalhes bibliográficos
Ano de defesa: 2023
Autor(a) principal: Schwarz, Lucas Allan Diniz
Orientador(a): Não Informado pela instituição
Banca de defesa: Não Informado pela instituição
Tipo de documento: Tese
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Biblioteca Digitais de Teses e Dissertações da USP
Programa de Pós-Graduação: Não Informado pela instituição
Departamento: Não Informado pela instituição
País: Não Informado pela instituição
Palavras-chave em Português:
Link de acesso: https://www.teses.usp.br/teses/disponiveis/96/96133/tde-20122023-110104/
Resumo: Firm-specific stock crashes could be devastating for investors, with significant wealth implications. The economic significance of stock crashes has attracted increasing attention from academia to stock price crash risk\' potential drivers. This dissertation comprises two related but different essays on potential stock price crash risk\' drivers unexplored by literature, to my knowledge. In the first essay, I extend the existing literature by examining the relationship between evasive shareholder meetings and stock price crash risk, an unexplored question. I argue that evasive shareholder meetings could increase stock price crash risk through two potential mechanisms, namely Deterrence and Attention. To test my hypotheses, I construct a hand-collected dataset on annual shareholder meetings scheduling\' characteristics. In the second essay, I extend the existing literature by examining the relationship between sell-side analysts\' busyness and stock price crash risk. Mainly grounded on the busy directors\' literature, I argue that the relationship between analysts\' busyness and stock price crash risk reflects the net effect of two opposing perspectives: Busyness and Networking.