Essays on stock price crash risk

Detalhes bibliográficos
Autor(a) principal: Schwarz, Lucas Allan Diniz
Data de Publicação: 2023
Tipo de documento: Tese
Idioma: eng
Título da fonte: Biblioteca Digital de Teses e Dissertações da USP
Texto Completo: 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.
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spelling Essays on stock price crash riskEnsaios sobre stock price crash riskAnalistas financeirosAssembleias gerais de acionistas evasivasCrash riskFinancial analystsRisco de crashShareholder meetingsFirm-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.Uma queda acentuada no preço de uma ação em particular (i.e., um crash individual) pode ser devastadora para os acionistas, com implicações patrimoniais significantes. A relevância econômica de crashes individuais tem atraído a atenção da academia para os potenciais fatores que podem vir a aumentar ou diminuir o risco de crash de uma determinada ação. Essa tese compreende dois ensaios relacionados, mas separados, sobre dois potenciais fatores ainda não explorados pela literatura, para o meu conhecimento. No primeiro ensaio, procuro expandir a literatura existente ao examinar a relação entre assembleias gerais de acionistas evasivas e o risco de crash individual por meio de dois potenciais mecanismos, nomeados Dissuasão e Atenção. Para testar as minhas hipóteses, construí uma base de dados manual com informações sobre localização e horário para assembleias gerais de acionistas de firmas norte-americanas. No segundo ensaio, eu procuro expandir a literatura existente ao avaliar a relação entre o grau de ocupação de analistas sell-side e o risco de crash de uma determinada ação. Alicerçando-se na literatura sobre conselheiros com participação em múltiplas diretorias, eu argumento que a relação entre o grau de ocupação de analistas e o risco de crash reflete o efeito líquido de duas perspectivas opostas: Busyness e Networking.Biblioteca Digitais de Teses e Dissertações da USPDalmacio, Flávia ZóboliReiter, NayanaSchwarz, Lucas Allan Diniz2023-11-10info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisapplication/pdfhttps://www.teses.usp.br/teses/disponiveis/96/96133/tde-20122023-110104/reponame:Biblioteca Digital de Teses e Dissertações da USPinstname:Universidade de São Paulo (USP)instacron:USPLiberar o conteúdo para acesso público.info:eu-repo/semantics/openAccesseng2023-12-22T13:32:03Zoai:teses.usp.br:tde-20122023-110104Biblioteca Digital de Teses e Dissertaçõeshttp://www.teses.usp.br/PUBhttp://www.teses.usp.br/cgi-bin/mtd2br.plvirginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.bropendoar:27212023-12-22T13:32:03Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Essays on stock price crash risk
Ensaios sobre stock price crash risk
title Essays on stock price crash risk
spellingShingle Essays on stock price crash risk
Schwarz, Lucas Allan Diniz
Analistas financeiros
Assembleias gerais de acionistas evasivas
Crash risk
Financial analysts
Risco de crash
Shareholder meetings
title_short Essays on stock price crash risk
title_full Essays on stock price crash risk
title_fullStr Essays on stock price crash risk
title_full_unstemmed Essays on stock price crash risk
title_sort Essays on stock price crash risk
author Schwarz, Lucas Allan Diniz
author_facet Schwarz, Lucas Allan Diniz
author_role author
dc.contributor.none.fl_str_mv Dalmacio, Flávia Zóboli
Reiter, Nayana
dc.contributor.author.fl_str_mv Schwarz, Lucas Allan Diniz
dc.subject.por.fl_str_mv Analistas financeiros
Assembleias gerais de acionistas evasivas
Crash risk
Financial analysts
Risco de crash
Shareholder meetings
topic Analistas financeiros
Assembleias gerais de acionistas evasivas
Crash risk
Financial analysts
Risco de crash
Shareholder meetings
description 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.
publishDate 2023
dc.date.none.fl_str_mv 2023-11-10
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/doctoralThesis
format doctoralThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.teses.usp.br/teses/disponiveis/96/96133/tde-20122023-110104/
url https://www.teses.usp.br/teses/disponiveis/96/96133/tde-20122023-110104/
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv
dc.rights.driver.fl_str_mv Liberar o conteúdo para acesso público.
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Liberar o conteúdo para acesso público.
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.coverage.none.fl_str_mv
dc.publisher.none.fl_str_mv Biblioteca Digitais de Teses e Dissertações da USP
publisher.none.fl_str_mv Biblioteca Digitais de Teses e Dissertações da USP
dc.source.none.fl_str_mv
reponame:Biblioteca Digital de Teses e Dissertações da USP
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Biblioteca Digital de Teses e Dissertações da USP
collection Biblioteca Digital de Teses e Dissertações da USP
repository.name.fl_str_mv Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)
repository.mail.fl_str_mv virginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.br
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