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Government debt and stock price crash risk: International Evidence

المؤلفHamdi, Ben-Nasr
المؤلفBoubaker, Sabri
تاريخ الإتاحة2024-03-03T08:11:55Z
تاريخ النشر2024-02-16
اسم المنشورJournal of Financial Stability
المعرّفhttp://dx.doi.org/10.1016/j.jfs.2024.101245
الاقتباسBen-Nasr, H., & Boubaker, S. (2024). Government debt and stock price crash risk: International Evidence. Journal of Financial Stability, 101245.
الرقم المعياري الدولي للكتاب1572-3089
معرّف المصادر الموحدhttps://www.sciencedirect.com/science/article/pii/S1572308924000305?v=s5
معرّف المصادر الموحدhttp://hdl.handle.net/10576/52543
الملخصWe add to the literature on the economic outcomes of government debt and argue that government debt increases crash risk via two channels: (i) hoarding bad news and (ii) tax avoidance. Based on a large international sample, our results indicate that stock crash risk is positively associated with government debt. Our conclusions are robust when we treat endogeneity issues, and our tests confirm the validity of bad news hoarding and tax avoidance as channels through which government debt influences stock price crash risk.
اللغةen
الناشرElsevier
الموضوعgovernment debt
fiscal policy uncertainty
bad news hoarding
tax avoidance
crash risk
العنوانGovernment debt and stock price crash risk: International Evidence
النوعArticle
Open Access user License http://creativecommons.org/licenses/by/4.0/
ESSN1878-0962
dc.accessType Full Text


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