The impact of investor structure on stock price crash sensitivity : evidence from China's stock market

Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high a...
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Gespeichert in:

Autor*in:	Pan, Ningning [verfasserIn] Xu, Qiuhua [verfasserIn] Zhu, Hongquan [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2021

Rechteinformationen:	Open Access Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International ; CC BY-NC-ND 4.0

Schlagwörter:	Crash sensitivity Investor structure Professional institutional investors Non-professional institutional investors

Übergeordnetes Werk:	Enthalten in: Journal of management science and engineering - Amsterdam : Elsevier, 2016, 6(2021), 3 vom: Sept., Seite 312-323
Übergeordnetes Werk:	volume:6 ; year:2021 ; number:3 ; month:09 ; pages:312-323

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jmse.2021.06.003

Katalog-ID:	180613442X

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allfields	10.1016/j.jmse.2021.06.003 doi (DE-627)180613442X (DE-599)KXP180613442X DE-627 ger DE-627 rda eng Pan, Ningning verfasserin (DE-588)1080534377 (DE-627)844775827 (DE-576)453598528 aut The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206 Xu, Qiuhua verfasserin (DE-588)1192921984 (DE-627)1671442873 aut Zhu, Hongquan verfasserin (DE-588)171922247 (DE-627)385971524 (DE-576)359709036 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 6(2021), 3 vom: Sept., Seite 312-323 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:6 year:2021 number:3 month:09 pages:312-323 https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.jmse.2021.06.003 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 6 2021 3 9 312-323 26 01 0206 4143877910 x1z 07-06-22 2403 01 DE-LFER 4186572240 00 --%%-- --%%-- n --%%-- l01 11-09-22 2403 01 DE-LFER http://doi.org/10.1016/j.jmse.2021.06.003 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf
spelling	10.1016/j.jmse.2021.06.003 doi (DE-627)180613442X (DE-599)KXP180613442X DE-627 ger DE-627 rda eng Pan, Ningning verfasserin (DE-588)1080534377 (DE-627)844775827 (DE-576)453598528 aut The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206 Xu, Qiuhua verfasserin (DE-588)1192921984 (DE-627)1671442873 aut Zhu, Hongquan verfasserin (DE-588)171922247 (DE-627)385971524 (DE-576)359709036 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 6(2021), 3 vom: Sept., Seite 312-323 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:6 year:2021 number:3 month:09 pages:312-323 https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.jmse.2021.06.003 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 6 2021 3 9 312-323 26 01 0206 4143877910 x1z 07-06-22 2403 01 DE-LFER 4186572240 00 --%%-- --%%-- n --%%-- l01 11-09-22 2403 01 DE-LFER http://doi.org/10.1016/j.jmse.2021.06.003 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf
allfields_unstemmed	10.1016/j.jmse.2021.06.003 doi (DE-627)180613442X (DE-599)KXP180613442X DE-627 ger DE-627 rda eng Pan, Ningning verfasserin (DE-588)1080534377 (DE-627)844775827 (DE-576)453598528 aut The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206 Xu, Qiuhua verfasserin (DE-588)1192921984 (DE-627)1671442873 aut Zhu, Hongquan verfasserin (DE-588)171922247 (DE-627)385971524 (DE-576)359709036 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 6(2021), 3 vom: Sept., Seite 312-323 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:6 year:2021 number:3 month:09 pages:312-323 https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.jmse.2021.06.003 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 6 2021 3 9 312-323 26 01 0206 4143877910 x1z 07-06-22 2403 01 DE-LFER 4186572240 00 --%%-- --%%-- n --%%-- l01 11-09-22 2403 01 DE-LFER http://doi.org/10.1016/j.jmse.2021.06.003 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf
allfieldsGer	10.1016/j.jmse.2021.06.003 doi (DE-627)180613442X (DE-599)KXP180613442X DE-627 ger DE-627 rda eng Pan, Ningning verfasserin (DE-588)1080534377 (DE-627)844775827 (DE-576)453598528 aut The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206 Xu, Qiuhua verfasserin (DE-588)1192921984 (DE-627)1671442873 aut Zhu, Hongquan verfasserin (DE-588)171922247 (DE-627)385971524 (DE-576)359709036 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 6(2021), 3 vom: Sept., Seite 312-323 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:6 year:2021 number:3 month:09 pages:312-323 https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.jmse.2021.06.003 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 6 2021 3 9 312-323 26 01 0206 4143877910 x1z 07-06-22 2403 01 DE-LFER 4186572240 00 --%%-- --%%-- n --%%-- l01 11-09-22 2403 01 DE-LFER http://doi.org/10.1016/j.jmse.2021.06.003 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf
allfieldsSound	10.1016/j.jmse.2021.06.003 doi (DE-627)180613442X (DE-599)KXP180613442X DE-627 ger DE-627 rda eng Pan, Ningning verfasserin (DE-588)1080534377 (DE-627)844775827 (DE-576)453598528 aut The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206 Xu, Qiuhua verfasserin (DE-588)1192921984 (DE-627)1671442873 aut Zhu, Hongquan verfasserin (DE-588)171922247 (DE-627)385971524 (DE-576)359709036 aut Enthalten in Journal of management science and engineering Amsterdam : Elsevier, 2016 6(2021), 3 vom: Sept., Seite 312-323 Online-Ressource (DE-627)1665781963 (DE-600)2972364-4 2589-5532 nnns volume:6 year:2021 number:3 month:09 pages:312-323 https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf Verlag kostenfrei http://doi.org/10.1016/j.jmse.2021.06.003 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 6 2021 3 9 312-323 26 01 0206 4143877910 x1z 07-06-22 2403 01 DE-LFER 4186572240 00 --%%-- --%%-- n --%%-- l01 11-09-22 2403 01 DE-LFER http://doi.org/10.1016/j.jmse.2021.06.003 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S2096232021000408/pdfft?md5=ce9006e0625fe91081bdf2e814ed6652&pid=1-s2.0-S2096232021000408-main.pdf
language	English
source	Enthalten in Journal of management science and engineering 6(2021), 3 vom: Sept., Seite 312-323 volume:6 year:2021 number:3 month:09 pages:312-323
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topic_facet	Crash sensitivity Investor structure Professional institutional investors Non-professional institutional investors
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authorswithroles_txt_mv	Pan, Ningning @@aut@@ Xu, Qiuhua @@aut@@ Zhu, Hongquan @@aut@@
publishDateDaySort_date	2021-09-01T00:00:00Z
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topic_title	The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu Crash sensitivity (dpeaa)DE-206 Investor structure (dpeaa)DE-206 Professional institutional investors (dpeaa)DE-206 Non-professional institutional investors (dpeaa)DE-206
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title_full	The impact of investor structure on stock price crash sensitivity evidence from China's stock market Ningning Pan, Qiuhua Xu, Hongquan Zhu
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title_auth	The impact of investor structure on stock price crash sensitivity evidence from China's stock market
abstract	Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability.
abstractGer	Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability.
abstract_unstemmed	Stock price crash sensitivity refers to the conditional probability of a stock crash when the market collapses. It focuses on individual stocks' sensitivity to the market crash and can affect stock pricing significantly. Although the crash sensitivity of China's stock market is very high as a whole (Weigert, 2016), different individual stocks show varying degrees of crash sensitivity. This paper, adopting the perspective of institutional investors, explores the reasons for the difference in crash sensitivity in China's stock market, and finds that: First, institutional investors' shareholdings is positively related to firms' stock price crash sensitivity. However, after dividing institutional investors into professional (represented by financial institutions) and non-professional institutional investors (represented by general legal persons), we find that only professional institutional investors' shareholdings is negatively related to firms' stock price crash sensitivity. Second, the impact of professional institutional investors on the crash sensitivity is influenced by stock liquidity and media sentiment: when the stock liquidity of listed companies is good or the media sentiment is strong, the negative impact of professional institutional investors on the crash sensitivity is accordingly high. This paper, by highlighting the investor structure, attempts a pioneering exploration of the influencing factors of the difference in stock price crash sensitivity in China. Our empirical results enrich research on stock price crash sensitivity and the heterogeneity of institutional investors. They can also serve to guide regulatory authorities' development of institutional investors and efforts to maintain market stability.
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title_short	The impact of investor structure on stock price crash sensitivity
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