원문정보
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초록
영어
Our evidence shows that firms exposed to the risk of losing key human capital (KHC risk) suffer from greater future stock price crash risk, indicating that firm-specific KHC risk increases the likelihood of bad news formation. The documented relationship is stronger for firms with the greater ex-ante mobility of or dependence on key employees, further confirming KHC risk as a driver of stock price crash risk. Overall, the findings highlight the capital market consequences of key human capital.
목차
Abstract
1. Introduction
2. Sample and methodology
2.1 Sample
2.2 Variable constructions
2.3 Research design
3. Empirical results
3.1 Baseline analysis
3.2 Robustness checks
3.3 Matching analysis
3.4 Cross-sectional evidence
3.5. Additional test
4. Conclusions
Appendix
References
1. Introduction
2. Sample and methodology
2.1 Sample
2.2 Variable constructions
2.3 Research design
3. Empirical results
3.1 Baseline analysis
3.2 Robustness checks
3.3 Matching analysis
3.4 Cross-sectional evidence
3.5. Additional test
4. Conclusions
Appendix
References
저자정보
참고문헌
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