学术活动·钱江会计前沿论坛通知（第122期）｜齐保垒：Federal Judge Ideology, Shareholder Litigation, and Stock Price Crash Risk

报告人：齐保垒

报告人简介：齐老师任职于西安交通大学管理学院，教授、博士生导师，主要研究领域为审计、公司治理与信息披露，研究成果广泛发表在《The Accounting Review》、《管理世界》等国内外顶级期刊上。

报告题目：Federal Judge Ideology, Shareholder Litigation, and Stock Price Crash Risk

时间：12月2日，14：30—16：30

地点：学院802会议室

参加人员：学院教师、博士研究生、硕士研究生

报告摘要：

This study investigates the impact of federal judge ideology on stock price crash risk. Using a sample of 22,418 firm-years over the period 2008–2017, we find that the degree of the court’s liberalism is significantly and negatively associated with the likelihood of a firm experiencing a future stock price crash. This negative association holds even after adopting a difference-in-differences analysis using shifts of circuit court judge ideology as an exogenous shock. Managers’ career concerns, caused by the adoption of the inevitable disclosure doctrine, can strengthen the negative effects of judge ideology on crash risk. The effect of liberal judge ideology on curbing crash risk is more pronounced in environments where investors are faced with higher information asymmetries and in firms that have previously engaged in overinvestment. Liberal ideology encourages managerial voluntary disclosure in general, and deters managerial hoarding of bad news in particular.