讲座时间：7月3日下午13：00
讲座地点：九里校区零号楼0411室
讲座题目：Asset Liquidity and Stock Price Crash Risk
讲座内容：In this paper, we investigate whether asset liquidity is related to stock price crash risk for a large sample of Chinese listed companies. We find that asset liquidity increases crash risk. We further find that over-investment is the underlying channel for the positive relationship between asset liquidity and crash risk. Firms with higher asset liquidity are more likely to over-invest and thus increase crash risk. State-owned companies are more likely to over-invest compared to privately-owned companies and have higher crash risk. The positive relationship between state-owned companies and crash risk is driven by local government-owned companies instead of central government-owned companies. Among privately-owned companies, firms with higher Tobin’s Q are more likely to over-invest and have higher crash risk. Being the first to investigate the relationship between asset liquidity and stock price crash risk, we bring new insights and contribute significantly to the literature on asset liquidity and the literature on stock price crash risk.
主讲人简介： Jian ZHOU is the Lloyd Fujie/Deloitte Foundation Distinguished Professor at University of Hawaii at Manoa. Zhou’s current research focuses on auditing, financial accounting and corporate finance. He has 33 peer-reviewed publications, including in journals such as Journal of Accounting and Economics, Contemporary Accounting Research (4 times), Journal of Financial and Quantitative Analysis, Auditing: A Journal of Practice and Theory, Journal of Accounting, Auditing and Finance, Journal of Accounting and Public Policy, Accounting Horizons and Economics Letters. His research has been featured in the Wall Street Journal, SmartMoney and has been referenced in Financial Accounting Theory and in top-tier journals in accounting, finance, marketing and law. Zhou’s research is cited in a 2013 study by the United States Government Accountability Office in a Report to Congressional Committees. Zhou’s research has been cited by a SEC study and in two joint letters to the US Congress from the Center for Audit Quality, the Council for Institutional Investors, and the CFA Institute. His research has been cited more than 3,400 times according to Google Scholar and has been downloaded more than 40,200 times on Social Science Research Network (SSRN). He is listed among the SSRN Top 185 Accounting Authors as of August 21, 2002. Zhou has won many research grants such as the PricewaterhouseCoopers INQuires Grant (2007, 2008, 2011). Zhou has been on the Editorial Board of Auditing: A Journal of Practice and Theory since 2011 and won the 2014 Award for Outstanding Service to this journal. Zhou also served as the Co-Director for the 2015-2016 American Accounting Association Annual Meeting Auditing Section and won the 2016 Award for Outstanding Service to the American Accounting Association Auditing Section. Zhou also won the 2017 and 2019 Shirley M. Lee Research Award from Shidler College of Business at University of Hawaii at Manoa. Zhou won the 2018 Albert Nelson Marquis Lifetime Achievement Award from Marquis Who’s Who. One of his research papers is a top 3 Social Media Article in 2017-2019 that have had the most social media attention in Journal of Accounting and Economics. One of his paper is the most downloaded paper from Journal of Accounting and Public Policy Elsevier website.
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