The impact of market force on information quality and corporate policy

Dong, Nairui (2019). The impact of market force on information quality and corporate policy. University of Birmingham. Ph.D.

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Abstract

The thesis focuses on studying the Chinese capital market. It begins by investigating the effect of analyst coverage on extreme level of tax avoidance. Then the thesis examines the effects of mutual fund ownership and managerial ownership on stock price crash risk. Finally, the study examines the relationship between the likelihood of meeting or beating analysts’ forecasts and stock price crash risk, and the impact of analysts on the likelihood of meeting or beating analysts’ forecasts in China. The study first finds that the greater coverage of analysts can constrain the extreme level of tax avoidance caused by agency conflicts between managers and shareholders. Then, the study finds that there is an inverted U shape relationship between mutual fund (managerial) ownership and stock price crash risk. Finally, the study finds that succeeding in meeting or beating analysts’ forecasts can increase stock price crash risk in China, and analysts play the monitoring role on constraining firms’ meeting or beating analysts’ forecasts.

Type of Work:

Thesis (Doctorates > Ph.D.)

Award Type:

Doctorates > Ph.D.

Supervisor(s):