Government debt and stock price crash risk: International Evidence
研究发现政府债务通过坏消息囤积和避税两个渠道增加股价崩盘风险，基于国际样本验证了正相关关系，对投资者和政策制定者有参考价值。
We add to the literature on the economic outcomes of government debt and argue that government debt increases crash risk via two channels: (i) hoarding bad news and (ii) tax avoidance. Based on a large international sample, our results indicate that stock crash risk is positively associated with government debt. Our conclusions are robust when we treat endogeneity issues, and our tests confirm the validity of bad news hoarding and tax avoidance as channels through which government debt influences stock price crash risk.