Reference: | Anderson, R., & Puleo, M. (2020). Insider share-pledging and equity risk. Journal of Financial Services Research, 58, 1-25. Andreou, P. C., Antoniou, C., Horton, J., & Louca, C. (2016). Corporate governance and firm‐specific stock price crashes. European Financial Management, 22(5), 916-956. Barber, B. M., & Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The Review of Financial Studies, 21(2), 785-818. Barber, B. M., & Odean, T. (2013). The behavior of individual investors. Handbook of the Economics of Finance (Vol. 2, pp. 1533-1570). Beber, A., & Pagano, M. (2013). Short‐selling bans around the world: Evidence from the 2007–09 crisis. The Journal of Finance, 68(1), 343-381. Callen, J. L., & Fang, X. (2011). Institutional investors and crash risk: Monitoring or expropriation. Rotman School of Management Working Paper (1804697). Callen, J. L., & Fang, X. (2015). Short interest and stock price crash risk. Journal of Banking & Finance, 60, 181-194. Chang, E. C., Cheng, J. W., & Yu, Y. (2007). Short‐sales constraints and price discovery: Evidence from the Hong Kong market. The Journal of Finance, 62(5), 2097-2121. Chen, A., & Kao, L. (2011). Effect of collateral characteristics on bank performance: Evidence from collateralized stocks in Taiwan. Journal of Banking & Finance, 35(2), 300-309. Chen, H. K., & Hu, S. Y. (2018, January). Insider pledging: Its information content and forced sale. In 2018 Financial Management Association Annual Meeting. Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of financial Economics, 61(3), 345-381. Chen, Y., & Hu, S. Y. (2007). The controlling shareholder`s personal leverage and firm performance. Applied Economics, 39(8), 1059-1075. Crane, A. D., Crotty, K., Michenaud, S., & Naranjo, P. (2019). The causal effects of short-selling bans: Evidence from eligibility thresholds. The Review of Asset Pricing Studies, 9(1), 137-170. Deng, X., & Gao, L. (2018). The monitoring of short selling: Evidence from China. Research in International Business and Finance, 43, 68-78. Deng, X., Gao, L., & Kim, J. B. (2020). Short-sale constraints and stock price crash risk: Causal evidence from a natural experiment. Journal of Corporate Finance, 60, 101498. Diamond, D. W., & Verrecchia, R. E. (1987). Constraints on short-selling and asset price adjustment to private information. Journal of Financial Economics, 18(2), 277-311. Dou, Y., Masulis, R. W., & Zein, J. (2019). Shareholder wealth consequences of insider pledging of company stock as collateral for personal loans. The Review of Financial Studies, 32(12), 4810-4854. Duong, T. X., Huszár, Z. R., & Yamada, T. (2015). The costs and benefits of short sale disclosure. Journal of Banking & Finance, 53, 124-139. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. Habib, A., Hasan, M. M., & Jiang, H. (2018). Stock price crash risk: review of the empirical literature. Accounting & Finance, 58, 211-251. Hong, H. A., Kim, J. B., & Welker, M. (2017). Divergence of cash flow and voting rights, opacity, and stock price crash risk: International evidence. Journal of Accounting Research, 55(5), 1167-1212. Hong, H., & Stein, J. C. (2003). Differences of opinion, short-sales constraints, and market crashes. The Review of Financial Studies, 16(2), 487-525. Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67-86. Kao, L., Chiou, J. R., & Chen, A. (2004). The agency problems, firm performance and monitoring mechanisms: the evidence from collateral listed shares in Taiwan. Corporate Governance: An International Review, 12(3), 389-402. Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441. Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13. Kothari, S. P., Shu, S., & Wysocki, P. D. (2009). Do managers withhold bad news? Journal of Accounting Research, 47(1), 241-276. Li, M., Liu, C., & Scott, T. (2019). Share pledges and firm value. Pacific-Basin Finance Journal , 55, 192-205. Li, P., Shu, W., Tang, Q., & Zheng, Y. (2019). Internal control and corporate innovation: evidence from China. Asia-Pacific Journal of Accounting & Economics, 26(5), 622-642. Liu, B., Luo, H., Zhou, W., & Yang, H. (2016). Social trust and stock crash risk. Finance Trade Econ, 37, 53-66. Margrabe, W. (1978). The value of an option to exchange one asset for another. The Journal of Finance, 33(1), 177-186. Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of Finance, 62(4), 1851-1889. Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. The Journal of Finance, 32(4), 1151-1168. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. Peloza, J. (2009). The challenge of measuring financial impacts from investments in corporate social performance. Journal of Management, 35(6), 1518-1541. Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies, 22(1), 435-480. Singh, P. P. (2018). The inside job: Share pledges by insiders and earnings management. Available at SSRN 3294165. Staley, K. F. (1996). The art of short selling (Vol. 4). John Wiley & Sons. Xie, B., Davidson III, W. N., & DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316. Xu, J. (2007). Price convexity and skewness. The Journal of Finance, 62(5), 2521-2552. Ying, Q., Kong, D., & Luo, D. (2015). Investor attention, institutional ownership, and stock return: Empirical evidence from China. Emerging Markets Finance and Trade, 51(3), 672-685. Zhao, W., Zhang, W., Xiong, X., & Zou, G. (2019). Share pledges, tone of earnings communication conferences, and market reaction: evidence from China. Accounting & Finance, 59(5), 2817-2853. Zhou, J., Li, W., Yan, Z., & Lyu, H. (2021). Controlling shareholder share pledging and stock price crash risk: Evidence from China. International Review of Financial Analysis, 77, 101839. |