We survey the burgeoning literature on the determinants and consequences of firm‐specific
future stock price crash risk. We synthesise a vast body of literature on the determinants of …

Propensity score matching (PSM) has become a popular technique for estimating average
treatment effects (ATEs) in accounting research. In this study, we discuss the usefulness and …

We examine firm value and performance implications of the growing trend of nontechnology
companies engaging in activities relating to digital technologies. We measure digital …

As part of the Securities and Exchange Commission's revision of Regulation S–K, which lays
out reporting requirements for publicly-listed companies, many investors proposed the …

We examine whether an increase in ETF ownership is accompanied by a decline in pricing
efficiency for the underlying component securities. Our tests show an increase in ETF …

This paper investigates the effect of exchange-traded funds'(ETFs') activity on the short-run
informational efficiency of their underlying securities. We find that ETF activity increases …

From the perspective of ESG news-based sentiment, we examine the impact of ESG
performance on stock price crash risk. This paper constructs a sentiment index based on …

This study examines whether financial materiality in environmental, social, and governance
(ESG) disclosure benefits the stock market by increasing the amount of accessible and …

Well-functioning capital markets rely on a complex set of institutions and participants that
ensure capital is allocated to its best possible use, and that information flows between firms …

The characterization of firm-specific return volatility as the intensity with which firm-specific
events occur reconciles many seemingly discordant results. A functionally efficient stock …