研究成果：The winner's curse in high-tech enterprise certification: Evidence from stock price crash risk

作者：白旻，Li Shihe，Lien Donald(通讯作者)，Yu ChiaFeng

发表期刊：International Review of Financial Analysis（ABS3）

Exploiting the High and New Technology Enterprise (HNTE) certification program in China, we find a significant increase in firm-specific stock price crash risk for certified firms relative to non-certified firms. The result holds after a battery of robustness tests. Importantly, we find that the increase in stock price crash risk is concentrated in firms with poor innovation records before receiving HNTE certification, with less innovation improvement after obtaining HNTE certification, with weak external governance, and for state-owned enterprises. Our findings uncover a novel and substantial cost of HNTE certification as it can stimulate strategic bad news hoarding and release, being associated with greater crash risk, especially for firms less likely to engage in fact-based innovation.

文献来源：Bai, M., Li, S., Lien, D., & Yu, C. F. J. (2022). The winner's curse in high-tech enterprise certification: Evidence from stock price crash risk. International review of financial analysis, 82, 102175.