PROSPECTOR AND DEFENDER BUSINESS STRATEGY, INFORMATION ASYMMETRY, AND STOCK PRICE CRASH

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HAJIHA ZOHREH

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Journal Paper

Paper Information

Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2017 | Volume:8 | Issue:31 Page(s): 75-94

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Title

PROSPECTOR AND DEFENDER BUSINESS STRATEGY, INFORMATION ASYMMETRY, AND STOCK PRICE CRASH

Author(s)

HAJIHA ZOHREH | Issue Writer Certificate

Keywords

BUSINESS STRATEGYQ1

PROSPECTOR STRATEGYQ1

DEFENDER STRATEGYQ1

INFORMATION ASYMMETRYQ1

AND STOCK PRICE CRASHQ1

Abstract

Firms must follow a BUSINESS STRATEGY for success in the competition. There are two proposed strategies of Prospector and Defender firms. Defenders aims in decreasing costs and prices, however, prospectors conduct innovation and high level of R& D expenditures and try to differentiate their product from competitors. But this approach increase future Stock Price Crash, because one of causes can lead the firm to crash risk is bad news hoarding within the firm. With issuing the bad news, stock price experiences crash suddenly.This paper examines empirically the effect of firm-level business strategies on future stock price crash risk. In the mean time, it is expected in the higher asymmetry information condition, prospect strategy increase crash risk more. To achieve the research’s goals, we selected 117 firms listed in Tehran Stock Exchange as a sample during 2011-2015. To examine research hypotheses we employed multivariate regression with panel data. The finding indicate prospect strategy increase crash risk, however, defend strategy will decrease it. We also found that in the higher asymmetry information condition, prospectors are more prone to increases future crash risk.

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APA: Copy

HAJIHA, ZOHREH. (2017). PROSPECTOR AND DEFENDER BUSINESS STRATEGY, INFORMATION ASYMMETRY, AND STOCK PRICE CRASH. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 8(31 ), 75-94. SID. https://sid.ir/paper/197717/en

Vancouver: Copy

HAJIHA ZOHREH. PROSPECTOR AND DEFENDER BUSINESS STRATEGY, INFORMATION ASYMMETRY, AND STOCK PRICE CRASH. FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2017;8(31 ):75-94. Available from: https://sid.ir/paper/197717/en

IEEE: Copy

ZOHREH HAJIHA, “PROSPECTOR AND DEFENDER BUSINESS STRATEGY, INFORMATION ASYMMETRY, AND STOCK PRICE CRASH,” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 8, no. 31 , pp. 75–94, 2017, [Online]. Available: https://sid.ir/paper/197717/en

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