Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2020.1773893
M&A goodwill, information asymmetry and stock price crash risk
Wenwu Xie
Congying Ye
Tao Wang
Qitaisong Shen
Sažetak
The collapse of stock prices have a huge negative impact on
financial markets and the real economy, the mechanism and prevention
methods of stock market crashes have become the focus
of academic attention. This article takes Chinese A-share listed
companies from 2008 to 2016 as samples and investigates the
impact of M&A goodwill on the risk of stock price crashes. The
study finds that, compared with non-goodwill companies, companies
with goodwill have a greater risk of future stock price
crashes; with the increase of goodwill value (GW), the risk of
future stock price crashes increases significantly. Further research
shows that the GW affects the risk of stock price crashes through
information asymmetry at the corporate and market levels. This
article not only deepens the research on the factors influencing
the risk of stock price crashes, but also has great significance in
understanding the role of M&A goodwill in the capital market
and how to prevent stock price crashes and promote the orderly
development of the capital market.
Ključne riječi
M&A goodwill; stock price crash risk; information asymmetry; information transparency; negative media reports
Hrčak ID:
254713
URI
Datum izdavanja:
9.2.2021.
Posjeta: 1.293 *