The Relationship between Stock Liquidity with Transaction Based Criteria and the Risk of Stock Price Crash in the Firms
عنوان مقاله: The Relationship between Stock Liquidity with Transaction Based Criteria and the Risk of Stock Price Crash in the Firms
شناسه ملی مقاله: JR_AJAER-5-3_007
منتشر شده در شماره 3 دوره 5 فصل در سال 1394
شناسه ملی مقاله: JR_AJAER-5-3_007
منتشر شده در شماره 3 دوره 5 فصل در سال 1394
مشخصات نویسندگان مقاله:
Elnaz Aghari - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
Zekvan Imani - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
Ali Homayoon - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
خلاصه مقاله:
Elnaz Aghari - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
Zekvan Imani - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
Ali Homayoon - Department of Accounting, Bandar Abbas Branch, Islamic Azad University, Bandar Abbas, Iran
The phenomenon of stock prices crash is important for investors because it is always helpful for stock portfolio and its risk management to know the specific features of a firm that can predict the sharp price fluctuations and especially the crash of stock price. The present study seeks to examine the relationship between stock liquidity with transaction-based criteria and risk of stock prices crash of listed firms in Tehran Stock Exchange. Transaction-based criteria include the volume of transactions, value of transactions, stock turnover, number of trading days, the percentage of free float stock, float stock cycle. For this purpose, a sample, consisting of 90 firms listed in Tehran Stock Exchange from 2010 to 2014, is selected. Multivariate logistic regression method is used to test the hypotheses. The results indicate that there is no significant correlation between the number of trading days, the percentage of free float stocks, the absolute gap between supply and demand, and the risk of stock prices crash.
کلمات کلیدی: Stock Liquidity, Discretionary Accruals, Stock Prices Crash Risk
صفحه اختصاصی مقاله و دریافت فایل کامل: https://civilica.com/doc/1004062/