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Table 2 Effects of corporate pledgeable asset ownerhsip on stock price crash risk

From: Corporate pledgeable asset ownership and stock price crash risk

 

CRASHt

NCSKEWt

DUVOLt

(1)

(2)

(3)

CPAOt−1

− 0.241***

− 0.121***

− 0.066***

(0.000)

(0.000)

(0.001)

DTURNt−1

0.202***

0.106***

0.071***

(0.000)

(0.001)

(0.000)

NCSKEWt−1

0.066***

0.050***

0.031***

(0.000)

(0.000)

(0.000)

SIGMAt−1

− 3.813***

− 1.288***

− 0.795***

(0.000)

(0.000)

(0.000)

RETt−1

16.830***

14.995***

10.460***

(0.000)

(0.000)

(0.000)

SIZEt−1

0.035***

0.067***

0.042***

(0.000)

(0.000)

(0.000)

MBt−1

0.015***

0.027***

0.024***

(0.000)

(0.000)

(0.000)

LEVt−1

− 0.149***

− 0.171***

− 0.124***

(0.001)

(0.000)

(0.000)

ROAt−1

0.113***

0.033***

0.010

(0.001)

(0.008)

(0.182)

ACCt−1

0.030

− 0.002

0.002

(0.204)

(0.894)

(0.838)

R&Dt−1

0.035

− 0.058*

− 0.111***

(0.576)

(0.069)

(0.000)

R&D_MISSINGt−1

− 0.076***

0.001

0.011*

(0.001)

(0.904)

(0.093)

KURt−1

0.030***

0.004***

0.002**

(0.000)

(0.005)

(0.021)

GWt−1

0.214***

0.112***

0.067***

(0.005)

(0.001)

(0.005)

LOG_FIRM_AGEt−1

− 0.137***

− 0.087***

− 0.056***

(0.000)

(0.000)

(0.000)

Constant

− 1.292***

− 0.186***

− 0.131***

(0.000)

(0.003)

(0.009)

Year FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Observations

88,248

88,248

88,248

Pseudo/Adj. R2

0.032

0.061

0.060

  1. This table reports OLS regression results where dependent variables are firm-specific future stock price crash risk measures. The sample covers 88,248 U.S. public firm-year observations in CRSP and Compustat database from 1988 to 2019 with non-missing values for the crash risk measures and all independent variables. All models include controls, year, and industry fixed effects. Reported in parentheses are p-values based on standard errors clustered by firm. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. All variables are defined in “Appendix B