Stock price crash risk and firms' operating leverage

Gespeichert in:

Autor*in:	Xin, Chang [verfasserIn] Cheng, Louis T. W. [verfasserIn] Kwok, Wing Chun [verfasserIn] Wong, George [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Cost stickiness Cost structure Crash risk Opacity Operating deleveraging Operating leverage

Übergeordnetes Werk:	Enthalten in: Journal of financial stability - Amsterdam [u.a.] : Elsevier, 2004, 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17
Übergeordnetes Werk:	volume:71 ; year:2024 ; month:04 ; elocationid:101219 ; pages:1-17

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jfs.2024.101219

Katalog-ID:	1889928135

Internformat


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982			\|2 26 \|1 00 \|x DE-206 \|b We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.

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allfields	10.1016/j.jfs.2024.101219 doi (DE-627)1889928135 (DE-599)KXP1889928135 DE-627 ger DE-627 rda eng Xin, Chang verfasserin (DE-588)171730550 (DE-627)061968234 (DE-576)132502275 aut Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206 Cheng, Louis T. W. verfasserin (DE-588)170754863 (DE-627)060885033 (DE-576)131609920 aut Kwok, Wing Chun verfasserin (DE-588)113550914X (DE-627)890469407 (DE-576)489810829 aut Wong, George verfasserin (DE-588)1266466061 (DE-627)1815252510 aut Enthalten in Journal of financial stability Amsterdam [u.a.] : Elsevier, 2004 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 Online-Ressource (DE-627)470153482 (DE-600)2165108-5 (DE-576)259486426 1572-3089 nnns volume:71 year:2024 month:04 elocationid:101219 pages:1-17 https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.jfs.2024.101219 Resolving-System lizenzpflichtig 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_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 71 2024 4 101219 1-17 26 01 0206 4530113116 x1z 27-05-24 26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.
spelling	10.1016/j.jfs.2024.101219 doi (DE-627)1889928135 (DE-599)KXP1889928135 DE-627 ger DE-627 rda eng Xin, Chang verfasserin (DE-588)171730550 (DE-627)061968234 (DE-576)132502275 aut Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206 Cheng, Louis T. W. verfasserin (DE-588)170754863 (DE-627)060885033 (DE-576)131609920 aut Kwok, Wing Chun verfasserin (DE-588)113550914X (DE-627)890469407 (DE-576)489810829 aut Wong, George verfasserin (DE-588)1266466061 (DE-627)1815252510 aut Enthalten in Journal of financial stability Amsterdam [u.a.] : Elsevier, 2004 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 Online-Ressource (DE-627)470153482 (DE-600)2165108-5 (DE-576)259486426 1572-3089 nnns volume:71 year:2024 month:04 elocationid:101219 pages:1-17 https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.jfs.2024.101219 Resolving-System lizenzpflichtig 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_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 71 2024 4 101219 1-17 26 01 0206 4530113116 x1z 27-05-24 26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.
allfields_unstemmed	10.1016/j.jfs.2024.101219 doi (DE-627)1889928135 (DE-599)KXP1889928135 DE-627 ger DE-627 rda eng Xin, Chang verfasserin (DE-588)171730550 (DE-627)061968234 (DE-576)132502275 aut Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206 Cheng, Louis T. W. verfasserin (DE-588)170754863 (DE-627)060885033 (DE-576)131609920 aut Kwok, Wing Chun verfasserin (DE-588)113550914X (DE-627)890469407 (DE-576)489810829 aut Wong, George verfasserin (DE-588)1266466061 (DE-627)1815252510 aut Enthalten in Journal of financial stability Amsterdam [u.a.] : Elsevier, 2004 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 Online-Ressource (DE-627)470153482 (DE-600)2165108-5 (DE-576)259486426 1572-3089 nnns volume:71 year:2024 month:04 elocationid:101219 pages:1-17 https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.jfs.2024.101219 Resolving-System lizenzpflichtig 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_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 71 2024 4 101219 1-17 26 01 0206 4530113116 x1z 27-05-24 26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.
allfieldsGer	10.1016/j.jfs.2024.101219 doi (DE-627)1889928135 (DE-599)KXP1889928135 DE-627 ger DE-627 rda eng Xin, Chang verfasserin (DE-588)171730550 (DE-627)061968234 (DE-576)132502275 aut Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206 Cheng, Louis T. W. verfasserin (DE-588)170754863 (DE-627)060885033 (DE-576)131609920 aut Kwok, Wing Chun verfasserin (DE-588)113550914X (DE-627)890469407 (DE-576)489810829 aut Wong, George verfasserin (DE-588)1266466061 (DE-627)1815252510 aut Enthalten in Journal of financial stability Amsterdam [u.a.] : Elsevier, 2004 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 Online-Ressource (DE-627)470153482 (DE-600)2165108-5 (DE-576)259486426 1572-3089 nnns volume:71 year:2024 month:04 elocationid:101219 pages:1-17 https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.jfs.2024.101219 Resolving-System lizenzpflichtig 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_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 71 2024 4 101219 1-17 26 01 0206 4530113116 x1z 27-05-24 26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.
allfieldsSound	10.1016/j.jfs.2024.101219 doi (DE-627)1889928135 (DE-599)KXP1889928135 DE-627 ger DE-627 rda eng Xin, Chang verfasserin (DE-588)171730550 (DE-627)061968234 (DE-576)132502275 aut Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206 Cheng, Louis T. W. verfasserin (DE-588)170754863 (DE-627)060885033 (DE-576)131609920 aut Kwok, Wing Chun verfasserin (DE-588)113550914X (DE-627)890469407 (DE-576)489810829 aut Wong, George verfasserin (DE-588)1266466061 (DE-627)1815252510 aut Enthalten in Journal of financial stability Amsterdam [u.a.] : Elsevier, 2004 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 Online-Ressource (DE-627)470153482 (DE-600)2165108-5 (DE-576)259486426 1572-3089 nnns volume:71 year:2024 month:04 elocationid:101219 pages:1-17 https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.jfs.2024.101219 Resolving-System lizenzpflichtig 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_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 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_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 71 2024 4 101219 1-17 26 01 0206 4530113116 x1z 27-05-24 26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.
language	English
source	Enthalten in Journal of financial stability 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 volume:71 year:2024 month:04 elocationid:101219 pages:1-17
sourceStr	Enthalten in Journal of financial stability 71(2024) vom: Apr., Artikel-ID 101219, Seite 1-17 volume:71 year:2024 month:04 elocationid:101219 pages:1-17
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topic_facet	Cost stickiness Cost structure Crash risk Opacity Operating deleveraging Operating leverage
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container_title	Journal of financial stability
authorswithroles_txt_mv	Xin, Chang @@aut@@ Cheng, Louis T. W. @@aut@@ Kwok, Wing Chun @@aut@@ Wong, George @@aut@@
publishDateDaySort_date	2024-04-01T00:00:00Z
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author	Xin, Chang
spellingShingle	Xin, Chang misc Cost stickiness misc Cost structure misc Crash risk misc Opacity misc Operating deleveraging misc Operating leverage Stock price crash risk and firms' operating leverage
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topic_title	26 00 DE-206 We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong Cost stickiness (dpeaa)DE-206 Cost structure (dpeaa)DE-206 Crash risk (dpeaa)DE-206 Opacity (dpeaa)DE-206 Operating deleveraging (dpeaa)DE-206 Operating leverage (dpeaa)DE-206
topic	misc Cost stickiness misc Cost structure misc Crash risk misc Opacity misc Operating deleveraging misc Operating leverage
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title_full	Stock price crash risk and firms' operating leverage Xin Chang, Louis T.W. Cheng, Wing Chun Kwok, George Wong
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title_short	Stock price crash risk and firms' operating leverage
url	https://www.sciencedirect.com/science/article/pii/S1572308924000044/pdfft?md5=b1a4a434357b1b469a9a2decc134af66&pid=1-s2.0-S1572308924000044-main.pdf https://doi.org/10.1016/j.jfs.2024.101219
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code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">71</subfield><subfield code="j">2024</subfield><subfield code="c">4</subfield><subfield code="i">101219</subfield><subfield code="h">1-17</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4530113116</subfield><subfield code="y">x1z</subfield><subfield code="z">27-05-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">We extend Jin and Myers's (2006) model to derive the relation between stock price crash risk and operating leverage (i.e., the fraction of fixed costs in total costs). The model predicts that (1) firms' operating leverage decreases as stock price crash risk increases and (2) the negative effect of crash risk on operating leverage is more pronounced when firms are closer to the crash threshold or when managers face higher costs of stock price crashes. We empirically test the model predictions using a large sample of manufacturing firms in the US and find consistent results. Further analysis shows that higher levels of crash risk lead to a less sticky cost behavior. In addition, crash risk-driven operating deleveraging effectively reduces stock return volatility and enhances operating performance in subsequent years. Collectively, our findings reveal that crash-prone firms adopt a more flexible cost structure to delay stock price crashes and mitigate adverse outcomes.</subfield></datafield></record></collection>
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Stock price crash risk and firms' operating leverage

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