WebJeffrey L. Callen and Xiaohua Fang. Journal of Banking & Finance, 2013, vol. 37, issue 8, 3047-3063 Abstract: This study tests two opposing views of institutional … WebMay 1, 2016 · Callen and Fang (2015) were the first to study the effect of religion on stock price crash risk in the United States. However, the Chinese religious environment is very different from that of ...
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WebJul 3, 2024 · Callen and Fang argued that when institutional investors pursue short-term behavior, rather than monitoring (by seeking additional preferences to current performance), pressure can exacerbate on managers to seek for short-term profits, thereby increasing their bad news concealing behavior and certainly inducing possible stock crash occurrence ... WebJeffrey L. Callen and Xiaohua Fang. Journal of Banking & Finance, 2013, vol. 37, issue 8, 3047-3063 Abstract: This study tests two opposing views of institutional investors—monitoring versus short-termism. We present evidence that institutional investor stability is negatively associated with 1-year-ahead stock price crash risk, consistent ... introductory awareness of sensory loss
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WebDec 7, 2024 · Callen and Fang show that firms headquartered in counties with higher levels of religiosity exhibit lower levels of future stock price crash risk, consistent with the view that religion, as a set of social norms, constrains bad news hoarding activities by managers. In short, these studies suggest that religious social norms mitigate managerial ... WebMay 5, 2024 · We thank Larry Brown, Siu Kai Choy, Kelly Huang, Clive Lennox, Patricia O'Brien, Gordon Richardson, Ke Wang, Liandong Zhang, and Yi Zhao for their helpful insights. Comments from other colleagues at the University of Toronto and Georgia State University are also appreciated. Fang acknowledges financial support from Georgia … WebCallen and Fang 2015; Chourou 2013; Dyreng et al. 2012; Grullon and Kanatas 2010; Hilary and Hui 2009; Kumar et al. 2011). Hence, we measure the degree of religiosity in the county where a firm’s headquarters is located, i.e., the number of adherents relative to the total county population. We mainly rely on Religious Congregations and Mem- introductory background