Yes / This study examines the effect of carbon price uncertainty on stock price crash risk. Utilizing the dynamic panel model on the data of Chinese listed firms from 2011 to 2018, we find that high carbon price uncertainty increases stock price crash risk. The impact of carbon price uncertainty is more prominent in the heavily polluting industries and during the post-period of the Paris agreement. The two underlying channels through which carbon price uncertainty induces stock price crashes are managers' hoarding of bad news and investors' heterogeneity. Furthermore, reducing information asymmetry inside and outside the firms can mitigate the influence of carbon price uncertainty on stock price crash risk. Our findings demonstrate that carbon price uncertainty as a newly underexplored factor induced by the prevailing curb of catastrophe risks has unintended but important implications on stock prices. / This study was supported by the Project of Social Science Achievement Evaluation Committee of Hunan Province (Grant No. XSP22YBZ160), Hunan Provincial Natural Science Foundation of China (Grant No. 2022JJ40644 and No. 2022JJ40647). / The full-text of this article will be released for public view at the end of the publisher embargo on 24th Oct 2024.

Yes / This paper employs a textual analysis approach to quantify financial constraints information from the narrative sections of annual reports in the UK firms. Then, the paper examines the impact of this information on the stock price crash risk in 250 firms from 2005 to 2021. The paper also analyses the moderating role of adopting the International Financial Reporting Standards (IFRS) on the impact of text-based financial constraints on stock price crash risk. It is found that text-based financial constraints are positively associated with stock crash risk measures. It is also observed that adopting the IFRS weakens the positive impact of financial constraints on stock price crash risk. These results are robust to several controls and model specifications. The findings also have several implications for investors and other market participants for seeking evidence of the credibility of annual reports in reflecting relevant information that highlights financial constraints. / The full-text of this article will be released for public view at the end of the publisher embargo on 8 Jan 2027.

Tidsperioden mellan räkenskapsårets slut och datumet för påskriven revisionsberättelse benämns audit report lag (ARL). Anledningarna till att ARL uppstår har studerats i stor utsträckning, men de konkreta effekterna som uppstår till följd av ARL är mindre studerade. En tidigare studie om ARL:s samband med ökad risk för aktieprisfall på den kinesiska aktiemarknaden visade på ett positivt samband. På grund av detta samband finns ett intresse att studera om ett liknande samband existerar på den svenska aktiemarknaden. Syftet med studien är att förklara ett eventuellt samband mellan lång ARL och ökad risk för aktieprisfall på den svenska aktiemarknaden. Studien använder sig av en deduktiv ansats och en longitudinell forskningsdesign bestående av kvantitativ data för att försöka förklara ett eventuellt samband mellan lång ARL och en ökad risk för aktieprisfall. Datamaterialet bestod av sekundärdata. Studien finner inget samband mellan lång ARL och ökad risk för aktieprisfall på den svenska aktiemarknaden. Däremot visas svaga indikationer på att kort ARL leder till ökad risk för aktieprisfall på den svenska aktiemarknaden. Studien bidrar med utökad kunskap om sambanden mellan ARL och ökad risk för aktieprisfall. Vidare bidrar studien med kunskap för revisorer, bolagsledningar och investerare om vilka konsekvenser ARL kan ha på börsnoterade bolags aktiekurs. / The time period between the fiscal year end and the audit report date is termed audit report lag (ARL). The determinants of ARL have been frequently studied, however the practical consequences of ARL have not been studied to the same extent. A previous study about ARLs association with stock price crash risk on the Chinese stock market showed a positive association. This association made it interesting to study if a similar association exists on the Swedish stock market. The purpose of this study is to explain a possible association between long ARL and an increased stock price crash risk on the Swedish stock market. This study uses a deductive approach and a longitudinal research design consisting of quantitative data to explain a possible association between long ARL and an increased stock price crash risk. The data set consisted of secondary data. The study finds no association between long ARL and an increased stock price crash risk on the Swedish stock market. However, the study does find weak indications that short ARL leads to an increased stock price crash risk on the Swedish stock market. The study contributes with increased knowledge regarding associations between ARL and an increased stock price crash risk. Furthermore, the study contributes with knowledge for auditors, company management and investors of the consequences ARL can have on listed companies’ stock price.