'Black Mouth'in the Stock Market and Stock Price Crash Risk——An Empirical Study Based on China Securities Regulatory Administrative Penalties
'Black mouth'in the stock market influences investor behavior and stock price perfor-mance by spreading inducing information,which is a typical type of information-based market manipula-tion.Based on 148 cases disclosed by the China Securities Regulatory Commission(CSRC)from 2008 to 2020,this paper empirically examines the impact of'black mouth'manipulation on the stock price crash risk and the underlying channels.The results suggest that the'black mouth'manipulation increases infor-mation asymmetry and exacerbates the stock price crash risk by spreading false information in the market.Further analysis indicates that the impact of'black mouth'manipulation on the stock price crash risk is relatively weaker for firms with higher liquidity and information transparency.
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