Essays on stock price crash risk

• Ano de defesa: 2023
• Autor(a) principal: Schwarz, Lucas Allan Diniz
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Instituição de defesa: Biblioteca Digitais de Teses e Dissertações da USP
• Palavras-chave em Português: Analistas financeiros; Assembleias gerais de acionistas evasivas; Crash risk; Financial analysts; Risco de crash; Shareholder meetings
• Link de acesso: https://www.teses.usp.br/teses/disponiveis/96/96133/tde-20122023-110104/

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.