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代表性论文

论文标题    The Effect of Human Capital on Stock Price Crash Risk
作者    Yi Si; Chongwu Xia （专业惯例，姓氏首字母排序）
发表/完成日期    2022-05-16
期刊名称    Journal of Business Ethics (管理学A类期刊，FT50期刊)
期卷   
相关文章   
论文简介    This paper studies how the human capital embedded in rank-and-file employees affects firms’ stock price crash risk. Employing a unique setting in China where we measure human capital using employee information at the firm level, we show that human capital quality improves firms’ internal information environments, curbs bad-news hoarding and overinvestment, leading to lower stock price crash risk. The findings are robust to instrumental variable regressions. Our study highlights the internal informational role of human capital and sheds light on its implications for capital markets and outside investors. Therefore, we contribute to the literature on the interaction between non-shareholding stakeholders and shareholders.
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