• Title/Summary/Keyword: 음의 조건부 왜도

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The Effect of Portal Search Intensity on Stock Price Crash (포털 검색 강도가 주가 급락에 미치는 영향에 관한 연구)

  • Kim, Min-Su;Kwon, Hyuk-Jun
    • The Journal of Society for e-Business Studies
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    • v.22 no.2
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    • pp.153-168
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    • 2017
  • Recent studies focus on the role of investor attention and transparency in stock-related information in explaining stock return and trading volume. Moreover, recent literatures predict that firm opacity will increase the likelihood of future stock price crashes. In this paper, we investigate, using Naver Trend, the relation between portal search intensity and stock price crash. Using various alternative measures of stock price crash risk and search intensity, we demonstrate that stocks with larger volume of portal search are less likely to experience stock price crashes. These results are consistent with our hypothesis that accumulated firm opacity cause future stock price crash. Finally, our results still hold even after we control for the potential effect of endogeneity in the regression specifications.