Beschreibung:
This paper screens for skilled analysts and examines the impact of skilled analysts on stock price crash risk. The evidence suggests that skilled analysts reduce stock price crash risk, while analysts who are unskilled increase the risk of stock crashes. Further research shows that skilled analysts reduce stock price crash risk through the information path and the governance path, respectively. The evidence show that the role of analysts in explaining stock price crash risk cannot be generalized and suggests that regulators further strengthen the management of analysts' information dissemination in Chinese capital market and establish reward and punishment mechanisms