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Asset Mispricing, Institutional Investors and Stock Price Crash Risk
ZHANG Xiao-fei1,2
1.School of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China; 2.Postdoctoral Research Station, Shanghai University of Finance and Economics, Shanghai 200433, China
Abstract Taking the A-share non-financial listed companies in Shanghai and Shenzhen stock exchanges during 2007-2015 as samples, the paper studies the relationship between asset mispricing and stock price crash risk, as well as the impact of institutional investors on the relationship. Results show that assets mispricing is one of the most important factors which affect future stock price crash risk. Institutional investors’ holding can hinder the positive influence of mispricing on stock crash and this effect gets stronger when mispricing goes further. This shows that institutional investors play a positive role in preventing the stock crash risk. This has theoretical and practical significance for regulating institutional investors’ development.
2018, Vol. 35 
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