Impact of Active Responses on Crash Risk:Evidence from Online Interactive Platforms
In recent years,as a direct communication channel between listed companies and retail investors,online interactive platforms have attracted widespread attention from academics and the industry.Can the active responses of listed companies on interactive platforms reduce the crash risk by influencing the behavior of individual investors?Based on this,the article uses the Q&A samples of"SSE E-interaction"and"Interaction Easy"from 2010 to 2022,and the empirical results show that:(1)the active responses of listed companies can significantly reduce the crash risk and the influence is more significant in the group with lower analyst coverage;(2)compared with the traditional information mechanism,the relief of investors'bearish sentiment is more significant statistically and economically,and for every 1 standard deviation increase in the responses of listed companies,the investors'bearish sentiment will decrease by 1.36%,while the increase of the information is only 0.32%,which indicates that the"sentiment channeling"effect of listed companies'replies is more significant.The article gives a new mechanism to mitigate the crash risk from the perspective of behavioral finance,which provides a certain policy reference for promoting the high-quality development of capital market.
internet interactionactive responsecrash risksentiment channeling
万方数据
