Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System

Objective: This study examines the bilateral (two-sided) relationship between information disclosure with stock price synchronicity and the crash risk of falling stock prices in the companies listed in the Tehran Stock Exchange, TSE, in the period 2008 to 2015. Method: Data was collected by document...

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Autores principales:	Ahmad Fallahzadeh Abarghouhei, Akram Taftiyan (Ph.D), Forough Heirany (Ph.D)
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2019
Materias:	crash risk of stock price stock price synchronicity simultaneous equation system information disclosure Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/7b298d7069734de4b9e59534f0aa35af
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spelling	oai:doaj.org-article:7b298d7069734de4b9e59534f0aa35af2021-11-04T19:54:35ZRelationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System2008-89142476-292X10.22103/jak.2019.11485.2580https://doaj.org/article/7b298d7069734de4b9e59534f0aa35af2019-05-01T00:00:00Zhttps://jak.uk.ac.ir/article_2268_20f71b258293f109e28244107244ab04.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XObjective: This study examines the bilateral (two-sided) relationship between information disclosure with stock price synchronicity and the crash risk of falling stock prices in the companies listed in the Tehran Stock Exchange, TSE, in the period 2008 to 2015. Method: Data was collected by documentations review and referring to databases, and the data analysis was inferential. To test the research hypotheses, the system of simultaneous equations by two-stage estimation method was estimated. Results: The results of the estimation indicated there is a bilateral relationship between information disclosure with stock price synchronicity and crash risk of falling stock prices in the TSE. Conclusion: The verified bilateral relationship is compatible with the agency and signaling theories. The agency theory implies that the increase in disclosure level results in decrease in information asymmetry and in crash risk of falling stock price, and rise in control or governance over performance and in investors trust. Also, the signaling theory suggests with regard to increase in the crash risk of falling stock prices, managers attempt to release good news and to delay publication of bad ones.Ahmad Fallahzadeh AbarghouheiAkram Taftiyan (Ph.D)Forough Heirany (Ph.D)Shahid Bahonar University of Kermanarticlecrash risk of stock pricestock price synchronicitysimultaneous equation systeminformation disclosureAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 10, Iss 1, Pp 169-194 (2019)
institution	DOAJ
collection	DOAJ
language	FA
topic	crash risk of stock price stock price synchronicity simultaneous equation system information disclosure Accounting. Bookkeeping HF5601-5689
spellingShingle	crash risk of stock price stock price synchronicity simultaneous equation system information disclosure Accounting. Bookkeeping HF5601-5689 Ahmad Fallahzadeh Abarghouhei Akram Taftiyan (Ph.D) Forough Heirany (Ph.D) Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
description	Objective: This study examines the bilateral (two-sided) relationship between information disclosure with stock price synchronicity and the crash risk of falling stock prices in the companies listed in the Tehran Stock Exchange, TSE, in the period 2008 to 2015. Method: Data was collected by documentations review and referring to databases, and the data analysis was inferential. To test the research hypotheses, the system of simultaneous equations by two-stage estimation method was estimated. Results: The results of the estimation indicated there is a bilateral relationship between information disclosure with stock price synchronicity and crash risk of falling stock prices in the TSE. Conclusion: The verified bilateral relationship is compatible with the agency and signaling theories. The agency theory implies that the increase in disclosure level results in decrease in information asymmetry and in crash risk of falling stock price, and rise in control or governance over performance and in investors trust. Also, the signaling theory suggests with regard to increase in the crash risk of falling stock prices, managers attempt to release good news and to delay publication of bad ones.
format	article
author	Ahmad Fallahzadeh Abarghouhei Akram Taftiyan (Ph.D) Forough Heirany (Ph.D)
author_facet	Ahmad Fallahzadeh Abarghouhei Akram Taftiyan (Ph.D) Forough Heirany (Ph.D)
author_sort	Ahmad Fallahzadeh Abarghouhei
title	Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
title_short	Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
title_full	Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
title_fullStr	Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
title_full_unstemmed	Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System
title_sort	relationship between information disclosure with the stock price synchronicity and crash risk of falling stock prices within simultaneous equations system
publisher	Shahid Bahonar University of Kerman
publishDate	2019
url	https://doaj.org/article/7b298d7069734de4b9e59534f0aa35af
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Relationship between Information Disclosure with the Stock Price Synchronicity and Crash Risk of Falling Stock Prices within Simultaneous Equations System

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