The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies

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BAHRI SALES JAMAL; EBRATI MOHAMMAD REZA

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Journal: INVESTMENT KNOWLEDGE Year:2019 | Volume:8 | Issue:29 Page(s): 275-296

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Title

The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies

Author(s)

BAHRI SALES JAMAL | EBRATI MOHAMMAD REZA | Issue Writer Certificate

Keywords

Political ConnectionsQ1

Stock Price Crash RiskQ1

Product Market CompetitionQ1

Abstract

The purpose of this study is to investigate the effect of Political Connections on Stock Price Crash Risk in 110 listed companies in Tehran Stock Exchange for the period 2011-2016. To test the research hypotheses, the panel data model was used. In order to measure the Stock Price Crash Risk, two indicators of the negative conditional return skewness and down-to-up volatility were used. The results showed that Political Connections has a positive impact on Stock Price Crash Risk. In the sense that executives show good face from position firms by hoarding bad news and, this behavior of managers in the long run will lead to a stock price crash. The companies also split through the advertising cost into two groups of companies with high and low information asymmetry, and the findings showed that the positive impact of Political Connections on Stock Price Crash Risk is more severe in companies with high information asymmetries.

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APA: Copy

BAHRI SALES, JAMAL, & EBRATI, MOHAMMAD REZA. (2019). The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies. INVESTMENT KNOWLEDGE, 8(29 ), 275-296. SID. https://sid.ir/paper/188162/en

Vancouver: Copy

BAHRI SALES JAMAL, EBRATI MOHAMMAD REZA. The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies. INVESTMENT KNOWLEDGE[Internet]. 2019;8(29 ):275-296. Available from: https://sid.ir/paper/188162/en

IEEE: Copy

JAMAL BAHRI SALES, and MOHAMMAD REZA EBRATI, “The Impact of Political Connections on Stock Price Crash Risk with an Emphasize on Product Market Competition in Tehran Stock Exchange listed companies,” INVESTMENT KNOWLEDGE, vol. 8, no. 29 , pp. 275–296, 2019, [Online]. Available: https://sid.ir/paper/188162/en

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