Industry Competition Structure, Market Power and Stock Price Crash Risk

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MORADZADEH FARD MAHDI

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Journal Paper

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Journal: The Financial Accounting and Auditing Researches Year:2020 | Volume:12 | Issue:47 Page(s): 215-238

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Information Journal Paper

Title

Industry Competition Structure, Market Power and Stock Price Crash Risk

Author(s)

MORADZADEH FARD MAHDI | Issue Writer Certificate

Keywords

Industry Competition StructureQ1

Market PowerQ1

Excessive SizeQ1

Stock Price Crash RiskQ1

Abstract

This paper has been conducted to examines the effects of the Competition industry and firm level on the future Stock Price Crash Risk. For this purpose two main hypotheses have been suggested and a sample of 67 Tehran stock exchange listed companies has been taken using Removal of Systematic method. To measure the industry Competition index, the Herfindahl-Hirschman Index and the number of companies acting in the industry has been used and the modified Lerner index has been applied to measure the Competition in the firm level. The Stock Price Crash Risk has been calculated using two indices and a time horizon of one future year. The results of the estimation of the research models show that the high industry concentration increases the risk of the future stock price crash for the companies in the same industry. In addition the Market Power and the Excessive Size of the firm has an interactive effect on the future stock price crash; meaning that the Excessive Size of the firm intensifies the effect of the Market Power on the Stock Price Crash Risk.

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APA: Copy

MORADZADEH FARD, MAHDI. (2020). Industry Competition Structure, Market Power and Stock Price Crash Risk. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 12(47 ), 215-238. SID. https://sid.ir/paper/365074/en

Vancouver: Copy

MORADZADEH FARD MAHDI. Industry Competition Structure, Market Power and Stock Price Crash Risk. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2020;12(47 ):215-238. Available from: https://sid.ir/paper/365074/en

IEEE: Copy

MAHDI MORADZADEH FARD, “Industry Competition Structure, Market Power and Stock Price Crash Risk,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 12, no. 47 , pp. 215–238, 2020, [Online]. Available: https://sid.ir/paper/365074/en

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