{"id":"https://openalex.org/W4377224103","doi":"https://doi.org/10.1016/j.frl.2023.104026","title":"Broadband infrastructure and stock price crash risk: Evidence from a quasi-natural experiment","display_name":"Broadband infrastructure and stock price crash risk: Evidence from a quasi-natural experiment","publication_year":2023,"publication_date":"2023-05-22","ids":{"openalex":"https://openalex.org/W4377224103","doi":"https://doi.org/10.1016/j.frl.2023.104026"},"language":"en","primary_location":{"id":"doi:10.1016/j.frl.2023.104026","doi":"https://doi.org/10.1016/j.frl.2023.104026","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.frl.2023.104026","pdf_url":null,"source":{"id":"https://openalex.org/S88577320","display_name":"Finance research letters","issn_l":"1544-6123","issn":["1544-6123","1544-6131"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance Research Letters","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101688575","display_name":"Zhiwu Chen","orcid":"https://orcid.org/0009-0003-4938-8544","observed_orcids":["https://orcid.org/0009-0003-4938-8544"]},"institutions":[{"id":"https://openalex.org/I186272606","display_name":"Guangdong University of Foreign Studies","ror":"https://ror.org/00fhc9y79","country_code":"CN","type":"education","lineage":["https://openalex.org/I186272606"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zhiwu Chen","raw_affiliation_strings":["School of Finance, Guangdong University of Foreign Studies, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance, Guangdong University of Foreign Studies, China","institution_ids":["https://openalex.org/I186272606"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5056618182","display_name":"Yuqiang Cao","orcid":"https://orcid.org/0000-0002-0201-9261","observed_orcids":["https://orcid.org/0000-0002-0201-9261"]},"institutions":[{"id":"https://openalex.org/I186272606","display_name":"Guangdong University of Foreign Studies","ror":"https://ror.org/00fhc9y79","country_code":"CN","type":"education","lineage":["https://openalex.org/I186272606"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Yuqiang Cao","raw_affiliation_strings":["School of Accounting, Guangdong University of Foreign Studies, China"],"raw_orcid":"https://orcid.org/0000-0002-0201-9261","affiliations":[{"raw_affiliation_string":"School of Accounting, Guangdong University of Foreign Studies, China","institution_ids":["https://openalex.org/I186272606"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5076171043","display_name":"Zhuoan Feng","orcid":"https://orcid.org/0000-0002-2676-2391","observed_orcids":["https://orcid.org/0000-0002-2676-2391"]},"institutions":[{"id":"https://openalex.org/I52179390","display_name":"University of Waikato","ror":"https://ror.org/013fsnh78","country_code":"NZ","type":"education","lineage":["https://openalex.org/I52179390"]}],"countries":["NZ"],"is_corresponding":false,"raw_author_name":"Zhuoan Feng","raw_affiliation_strings":["School of Accounting, Finance and Economics, University of Waikato, New Zealand"],"raw_orcid":"https://orcid.org/0000-0002-2676-2391","affiliations":[{"raw_affiliation_string":"School of Accounting, Finance and Economics, University of Waikato, New Zealand","institution_ids":["https://openalex.org/I52179390"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5010541135","display_name":"Meiting Lu","orcid":"https://orcid.org/0000-0003-1798-5195","observed_orcids":["https://orcid.org/0000-0003-1798-5195"]},"institutions":[{"id":"https://openalex.org/I99043593","display_name":"Macquarie University","ror":"https://ror.org/01sf06y89","country_code":"AU","type":"education","lineage":["https://openalex.org/I99043593"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Meiting Lu","raw_affiliation_strings":["Macquarie Business School, Macquarie University, Australia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Macquarie Business School, Macquarie University, Australia","institution_ids":["https://openalex.org/I99043593"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5060596949","display_name":"Yaowen Shan","orcid":"https://orcid.org/0000-0003-2156-8722","observed_orcids":["https://orcid.org/0000-0003-2156-8722"]},"institutions":[{"id":"https://openalex.org/I114017466","display_name":"University of Technology Sydney","ror":"https://ror.org/03f0f6041","country_code":"AU","type":"education","lineage":["https://openalex.org/I114017466"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Yaowen Shan","raw_affiliation_strings":["UTS Business School, University of Technology Sydney, Australia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"UTS Business School, University of Technology Sydney, Australia","institution_ids":["https://openalex.org/I114017466"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5056618182"],"corresponding_institution_ids":["https://openalex.org/I186272606"],"apc_list":{"value":2930,"currency":"USD","value_usd":2930},"apc_paid":null,"fwci":8.7372,"has_fulltext":false,"cited_by_count":15,"citation_normalized_percentile":{"value":0.97409112,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"58","issue":null,"first_page":"104026","last_page":"104026"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.37209999561309814,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.37209999561309814,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.2590000033378601,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.1664000004529953,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/broadband-infrastructure","display_name":"broadband infrastructure","score":0.9990000128746033},{"id":"https://openalex.org/keywords/stock-price-crash-risk","display_name":"stock price crash risk","score":0.9860000014305115},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.843999981880188},{"id":"https://openalex.org/keywords/marketization","display_name":"marketization","score":0.5199999809265137},{"id":"https://openalex.org/keywords/industry-monopoly","display_name":"industry monopoly","score":0.5550000071525574},{"id":"https://openalex.org/keywords/state-owned-enterprises","display_name":"state-owned enterprises","score":0.8220000267028809},{"id":"https://openalex.org/keywords/political-connections","display_name":"political connections","score":0.8479999899864197},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9269999861717224},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.9959999918937683},{"id":"https://openalex.org/keywords/managerial-expertise","display_name":"managerial expertise","score":0.7269999980926514},{"id":"https://openalex.org/keywords/stock-market-stability","display_name":"stock market stability","score":0.8560000061988831}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6323245167732239},{"id":"https://openalex.org/C509933004","wikidata":"https://www.wikidata.org/wiki/Q194163","display_name":"Broadband","level":2,"score":0.5624030232429504},{"id":"https://openalex.org/C2776208816","wikidata":"https://www.wikidata.org/wiki/Q3481003","display_name":"Marketization","level":3,"score":0.5236920118331909},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5200828909873962},{"id":"https://openalex.org/C183469790","wikidata":"https://www.wikidata.org/wiki/Q333501","display_name":"Crash","level":2,"score":0.5018219947814941},{"id":"https://openalex.org/C49630185","wikidata":"https://www.wikidata.org/wiki/Q6980675","display_name":"Natural experiment","level":2,"score":0.47438910603523254},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.43844330310821533},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.43273866176605225},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.43040382862091064},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3377453684806824},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3357425332069397},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.33453595638275146},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2934715151786804},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.27229735255241394},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1016/j.frl.2023.104026","doi":"https://doi.org/10.1016/j.frl.2023.104026","is_oa":false,"landing_page_url":"https://doi.org/10.1016/j.frl.2023.104026","pdf_url":null,"source":{"id":"https://openalex.org/S88577320","display_name":"Finance research letters","issn_l":"1544-6123","issn":["1544-6123","1544-6131"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance Research Letters","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eee:finlet:v:58:y:2023:i:pa:s1544612323003987","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/S1544612323003987","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Industry, innovation and infrastructure","score":0.8970999717712402,"id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G1714084569","display_name":null,"funder_award_id":"GD20XGL24","funder_id":"https://openalex.org/F4320326679","funder_display_name":"Guangdong Office of Philosophy and Social Science"},{"id":"https://openalex.org/G2651984641","display_name":null,"funder_award_id":"21YJC790004","funder_id":"https://openalex.org/F4320336573","funder_display_name":"Humanities and Social Sciences Youth Foundation, Ministry of Education of the People's Republic of China"},{"id":"https://openalex.org/G3167462437","display_name":null,"funder_award_id":"2022GZQN16","funder_id":"https://openalex.org/F4320318610","funder_display_name":"Guangzhou Office of Philosophy and Social Science"},{"id":"https://openalex.org/G3435062026","display_name":null,"funder_award_id":"2022A1515010998","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G3552172539","display_name":null,"funder_award_id":"2022A1515110082","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G3916201016","display_name":null,"funder_award_id":"2021A1515011479","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G4156625426","display_name":null,"funder_award_id":"2021A1515110943","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G665492192","display_name":null,"funder_award_id":"2022GZQN16","funder_id":"https://openalex.org/F4320326679","funder_display_name":"Guangdong Office of Philosophy and Social Science"},{"id":"https://openalex.org/G7292016619","display_name":null,"funder_award_id":"GDZICG124","funder_id":"https://openalex.org/F4320326679","funder_display_name":"Guangdong Office of Philosophy and Social Science"},{"id":"https://openalex.org/G8261847593","display_name":null,"funder_award_id":"2020A1515110400","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G8530395099","display_name":null,"funder_award_id":"GD22XYJ06","funder_id":"https://openalex.org/F4320326679","funder_display_name":"Guangdong Office of Philosophy and Social Science"}],"funders":[{"id":"https://openalex.org/F4320318610","display_name":"Guangzhou Office of Philosophy and Social Science","ror":null},{"id":"https://openalex.org/F4320320591","display_name":"Macquarie University","ror":"https://ror.org/01sf06y89"},{"id":"https://openalex.org/F4320320967","display_name":"University of Technology Sydney","ror":"https://ror.org/03f0f6041"},{"id":"https://openalex.org/F4320321106","display_name":"Ministry of Education of the People's Republic of China","ror":"https://ror.org/01mv9t934"},{"id":"https://openalex.org/F4320326679","display_name":"Guangdong Office of Philosophy and Social Science","ror":"https://ror.org/05e08sj06"},{"id":"https://openalex.org/F4320334704","display_name":"Australian Research Council","ror":"https://ror.org/05mmh0f86"},{"id":"https://openalex.org/F4320336573","display_name":"Humanities and Social Sciences Youth Foundation, Ministry of Education of the People's Republic of China","ror":null},{"id":"https://openalex.org/F4320337111","display_name":"Basic and Applied Basic Research Foundation of Guangdong Province","ror":null}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":53,"referenced_works":["https://openalex.org/W1918907778","https://openalex.org/W1966586504","https://openalex.org/W1976162410","https://openalex.org/W2011154793","https://openalex.org/W2046857068","https://openalex.org/W2111564082","https://openalex.org/W2130052362","https://openalex.org/W2161215497","https://openalex.org/W2339098122","https://openalex.org/W2518913136","https://openalex.org/W2922516728","https://openalex.org/W2942870997","https://openalex.org/W3033703147","https://openalex.org/W3045535121","https://openalex.org/W3096733934","https://openalex.org/W3107088660","https://openalex.org/W3113269512","https://openalex.org/W3113324411","https://openalex.org/W3121235470","https://openalex.org/W3121786372","https://openalex.org/W3122108330","https://openalex.org/W3122526219","https://openalex.org/W3122804190","https://openalex.org/W3123113150","https://openalex.org/W3123571286","https://openalex.org/W3124142968","https://openalex.org/W3124161031","https://openalex.org/W3124168832","https://openalex.org/W3125637487","https://openalex.org/W3125856240","https://openalex.org/W3136731657","https://openalex.org/W3159855227","https://openalex.org/W3200082900","https://openalex.org/W3200908098","https://openalex.org/W4213425461","https://openalex.org/W4214523524","https://openalex.org/W4214548022","https://openalex.org/W4220806190","https://openalex.org/W4220861224","https://openalex.org/W4223981379","https://openalex.org/W4224221583","https://openalex.org/W4229377363","https://openalex.org/W4283387379","https://openalex.org/W4293833853","https://openalex.org/W4294586340","https://openalex.org/W4296113818","https://openalex.org/W4303648114","https://openalex.org/W4309482156","https://openalex.org/W4309770365","https://openalex.org/W4310255310","https://openalex.org/W4312084393","https://openalex.org/W4313420192","https://openalex.org/W4316019780"],"related_works":["https://openalex.org/W7160263629","https://openalex.org/W3100135703","https://openalex.org/W7160661639","https://openalex.org/W4386344844","https://openalex.org/W4213083748","https://openalex.org/W4399795994","https://openalex.org/W4394858741","https://openalex.org/W7139990825","https://openalex.org/W4200458585","https://openalex.org/W4386580902"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2023-05-23T00:00:00"}