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      Top executives’ great famine experience and stock price crash risk

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      Embargo Lift Date: 2024-10-09
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      Author(s)
      Cui, X.
      Sun, M.
      Şensoy, Ahmet
      Wang, P.
      Wang, Y.
      Date
      2021-10-09
      Source Title
      Research in International Business and Finance
      Print ISSN
      0275-5319
      Electronic ISSN
      1878-3384
      Publisher
      Elsevier Inc.
      Volume
      59
      Pages
      101564- 1 - 101564- 17
      Language
      English
      Type
      Article
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      Abstract
      Using Chinese stock market data, we examine the impact of top executives’ great famine experience on stock price crash risk. We provide insights on the consequences of early-life disaster experience and the underlying mechanisms through which top executives’ famine experience affects crash risk. Evidence shows that, firms led by top executives who experienced the great famine in early-life have lower stock price crash risk. In addition, these firms have higher information transparency and lower information risk, which ultimately reduce the future stock price crash risk. And the effect varies with top executives’ growth stage, firm characteristics, and external monitoring.
      Keywords
      Top executive
      The great Chinese famine
      Stock price crash risk
      Permalink
      http://hdl.handle.net/11693/111347
      Published Version (Please cite this version)
      https://doi.org/10.1016/j.ribaf.2021.101564
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      • Department of Management 639
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