Asset Securitizations and Stock Price Crash Risk: Evidence from Nonfinancial Firms

We appreciate insightful comments and valuable suggestions from Huai Zhang (editor) and two anonymous reviewers. We are also grateful for comments from and discussions with Christina Mashruwala, Bohan Song, Heather Wier, Jing Zhang, and Liandong Zhang. We thank Ruinan Sun, Yusheng Wang, and Yi Zhang for their excellent research assistance. Yifan Jia acknowledges financial support from the Fundamental Research Funds for the Central Universities, Nankai University [Grant No. 63222061]. Jeong-Bon Kim and Zheng Wang acknowledge financial support from the general research fund (GRF) of the Hong Kong Research Grants Council (Project No. 151411). Ying Mao and Ke Wang have no conflicts of interest related to this research.

All errors are our own.

Yifan Jia, Nankai University, Nankai Business School, Department of Accounting, Tianjin, China; Jeong-Bon Kim, Simon Fraser University, Beedie School of Business, Vancouver, British Columbia, Canada; Ying Mao, Lingnan University, Faculty of Business, Department of Accountancy, Hong Kong SAR, China; Ke Wang, University of Alberta, Alberta School of Business, Department of Accounting and Business Analytics, Edmonton, Alberta, Canada; Zheng Wang, City University of Hong Kong, College of Business, Department of Accountancy, Hong Kong SAR, China.

Supplemental material is available online, as linked in the text.

Editor’s note: Accepted by Huai Zhang, under the Senior Editorship of Bin Srinidhi.