举办单位：管理与决策研究所

负责人姓：张信东

电话：13834565781

活动主题：山西大学120周年校庆活动暨第五届山西大学金融学术研讨会报告：Litigation risk and stock price crash risk

形式：线上学术报告

活动内容摘要：

This study examines the relationship between litigation risk and stock price crash risk. Using a sample of Chinese A-share listed firms and all types of lawsuits filed against their firms covering 2000 to 2019, we find that litigation risk is positively related to stock price crash risk for a firm sued in a lawsuit. The finding also remains robust after a series of robustness checks and consideration of endogeneity problems. We further find that firm value and legal environment perform negative moderating impacts on the relationship between litigation risk and crash risk. Moreover, cross-sectional analyses indicate that the positive effect of litigation risk on stock crash risk is more prominent for firms with weak corporate governance, high information asymmetry, weak external monitoring, and low product market competition. Collectively, our findings are consistent with the agency theory explanation for the positive litigation-crash risk relationship nexus due to managers’bad news hoarding behavior.

主讲人基本情况：

邢凯，男，汉族，1987年9月生，金融学博士（英国诺丁汉大学），博士后（中国科学院数学与系统科学研究院），副教授，南昌大学经管学院金融系主任，江西产业金融发展研究院执行院长，江西省普惠金融专家咨询委员会专家，担任《Emerging Market Finance and Trade》期刊客座主编及多个国际权威期刊匿名审稿人。曾任职在中央网信办国家计算机网络与信息安全管理中心、北京理工大学、中国科学院博士后联谊会（受聘为理事长）等。主要研究方向风险管理、金融科技、公司金融等。主持国家自然科学基金青年项目、博士后国际交流计划人才引进项目、国家242信息安全专项等4项国家级项目，参与7项省部级以上项目。在国内外知名期刊发表论文多篇，如International Review of Financial Analysis、Finance Research Letters、Economic Modelling等。拥有金融科技类国家发明专利6项。在第十五届金融系统工程与风险管理国际年会荣获“优秀论文”奖。

听众范围：管理与决策研究所、经济与管理学院教师学生

举办时间：2022-11-12

举办地点：腾讯会议711705062

报告类型：文科类