Relationship between Stock Price Crash Risk and Structure of Financial Statements

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afroozi Mostafa; SHAMS GHARNEH NASER; Vafaei Ghaeini Vahid

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Journal Paper

Paper Information

Journal: JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE Year:2020 | Volume:9 | Issue:4 (28) Page(s): 39-63

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Title

Relationship between Stock Price Crash Risk and Structure of Financial Statements

Author(s)

afroozi Mostafa | SHAMS GHARNEH NASER | Vafaei Ghaeini Vahid | Issue Writer Certificate

Keywords

Conditional ConservatismQ1

Structure of Financial StatementsQ1

Stock Price Crash RiskQ1

Abstract

One of risks that any investor encounters when entering the capital market, is Stock Price Crash Risk. In this paper, we investigate the relationship between Stock Price Crash Risk and Structure of Financial Statements, using data from 115 firms in Tehran Stock Exchange at the period of 2001 to 2017 Solar Hijri, selecting 26 firms or 416 annual observations from them and studying 75016 daily stock prices. The results show that, there is a significant relationship between Stock Price Crash Risk and the Structure of Financial Statements. This means, the financial statements that prepared more conservatively, will have lower Stock Price Crash Risk. In addition, by dividing the stock price returns into two parts, the returns on the company's activity and second part, the returns due to the systematic market risk at 95% confidence level, the present study showed that, the major part of the stock price returns during this period, arising from systematic risk changes (fluctuations in some factors like exchange rate and inflation). This is justified by the desire of managers to overcome the situation and financial statements in order to better reflect the circumstances of the company and not provide them conservatively.

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APA: Copy

afroozi, Mostafa, SHAMS GHARNEH, NASER, & Vafaei Ghaeini, Vahid. (2020). Relationship between Stock Price Crash Risk and Structure of Financial Statements. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, 9(4 (28) ), 39-63. SID. https://sid.ir/paper/383051/en

Vancouver: Copy

afroozi Mostafa, SHAMS GHARNEH NASER, Vafaei Ghaeini Vahid. Relationship between Stock Price Crash Risk and Structure of Financial Statements. JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE[Internet]. 2020;9(4 (28) ):39-63. Available from: https://sid.ir/paper/383051/en

IEEE: Copy

Mostafa afroozi, NASER SHAMS GHARNEH, and Vahid Vafaei Ghaeini, “Relationship between Stock Price Crash Risk and Structure of Financial Statements,” JOURNAL OF FINANCIAL MANAGEMENT PERSPECTIVE, vol. 9, no. 4 (28) , pp. 39–63, 2020, [Online]. Available: https://sid.ir/paper/383051/en

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