德勤－复旦会计论坛系列讲座之九十九
时间：2016年3月29日（周二）下午12：20
地点：史带楼403室
主持人: 朱振梅 博士
演讲嘉宾：Edward Lee (The University of Manchester)
Title：Does debt maturity affect stock price crash risk?
Abstract：This paper examines the impact of debt maturity choice on stock price crash risk. We find that firms with a larger proportion of short-term debt tend to have lower future stock price crash risk, consistent with short-term debt playing an effective monitoring role over managers and constraining their bad news hoarding behavior. Our results also show that the inverse relation between short-term debt and future crash risk is more pronounced among firms with less effective corporate governance, lower institutional ownership, and higher degree of information asymmetry, suggesting that the monitoring effect of short-term debt substitutes for weak governance mechanisms. Overall, our paper shows that short-term debt not only preserves creditors’ interests, but also protects the value of shareholders.
会计学系
2016-3-23
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