Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/94410
DC Field | Value | Language |
---|---|---|
dc.contributor | School of Accounting and Finance | en_US |
dc.creator | Cheng, CSA | en_US |
dc.creator | Li, S | en_US |
dc.creator | Zhang, EX | en_US |
dc.date.accessioned | 2022-08-15T07:11:01Z | - |
dc.date.available | 2022-08-15T07:11:01Z | - |
dc.identifier.issn | 0278-4254 | en_US |
dc.identifier.uri | http://hdl.handle.net/10397/94410 | - |
dc.language.iso | en | en_US |
dc.publisher | Elsevier | en_US |
dc.rights | © 2020 Elsevier Inc. All rights reserved. | en_US |
dc.rights | © 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/ | en_US |
dc.rights | The following publication Cheng, C. A., Li, S., & Zhang, E. X. (2020). Operating cash flow opacity and stock price crash risk. Journal of Accounting and Public Policy, 39(3), 106717 is available at https://doi.org/10.1016/j.jaccpubpol.2020.106717. | en_US |
dc.subject | OCF opacity | en_US |
dc.subject | OCF management | en_US |
dc.subject | Accruals opacity | en_US |
dc.subject | Stock price crash risk | en_US |
dc.title | Operating cash flow opacity and stock price crash risk | en_US |
dc.type | Journal/Magazine Article | en_US |
dc.description.otherinformation | Title on author’s file: Operating cash flow capacity and stock price cash risk | en_US |
dc.identifier.volume | 39 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.doi | 10.1016/j.jaccpubpol.2020.106717 | en_US |
dcterms.abstract | We examine the relation between operating cash flow (OCF) opacity and stock price crash risk. We find that OCF opacity is positively associated with future stock price crash risk after controlling for accruals opacity and other determinants known to influence crash risk. This finding suggests that OCF opacity facilitates bad news hoarding and enables managerial resource diversion, which in turn increases crash risk. We also find that the positive relation between OCF opacity and crash risk is more pronounced when external monitoring is weak, information asymmetry is high, OCF importance is low, and cost of accruals management is high. Overall, our evidence highlights the severe consequence of OCF opacity in that it boosts crash risk; our study should alert the researchers, investors, and regulators to pay more attention to OCF management. | en_US |
dcterms.accessRights | open access | en_US |
dcterms.bibliographicCitation | Journal of accounting and public policy, May-June 2020, v. 39, no. 3, 106717 | en_US |
dcterms.isPartOf | Journal of accounting and public policy | en_US |
dcterms.issued | 2020-05 | - |
dc.identifier.scopus | 2-s2.0-85079141808 | - |
dc.identifier.artn | 106717 | en_US |
dc.description.validate | 202208 bcfc | en_US |
dc.description.oa | Accepted Manuscript | en_US |
dc.identifier.FolderNumber | AF-0082 | - |
dc.description.fundingSource | Self-funded | en_US |
dc.description.pubStatus | Published | en_US |
dc.identifier.OPUS | 20614145 | - |
dc.description.oaCategory | Green (AAM) | en_US |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
Cheng_Operating_Cash_Flow.pdf | Pre-Published version | 1.01 MB | Adobe PDF | View/Open |
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