Information centralization and stock price crash risk: Cross-country evidence
研究欧盟国家强制要求企业通过全国数据库披露信息后，股价崩盘风险是否下降，发现信息集中化让投资者更容易比较同行公司，从而降低风险，尤其对信息不透明和散户多的公司效果更明显。
Our study investigates whether access to corporate disclosure via a national database affects stock price crash risk. Exploiting the staggered implementation of national databases for corporate information dissemination (Officially Appointed Mechanisms, or OAMs) in the European Union countries, we find that stock price crash risk significantly decreases after regulated information disclosed by companies is required to be compiled in OAMs. Consistent with the notion that the centralization of regulated information allows investors to search and compare corporate disclosure across peer firms, we find that the observed effect is more pronounced in firms with more peer firms in the same industry . Further analyses show that this effect is stronger in firms with less transparent information environments and with more retail investors. Collectively, our study sheds light on the role of Regtech adoption in mitigating stock price crash risk.