Abstract
This paper systematically examines the impact of stock overpricing on stock price crash risk and its underlying mechanism based on data from Shanghai and
Shenzhen A-share listed companies between 2011 and 2023. The research findings
indicate a significant positive correlation between the degree of stock overpricing and stock price crash risk. Furthermore, by examining the mediating effect of underwriter sponsorship fees, the study verifies the pathway through which overpricing indirectly increases risk by raising issuance costs and intensifying conflict of interes.
Shenzhen A-share listed companies between 2011 and 2023. The research findings
indicate a significant positive correlation between the degree of stock overpricing and stock price crash risk. Furthermore, by examining the mediating effect of underwriter sponsorship fees, the study verifies the pathway through which overpricing indirectly increases risk by raising issuance costs and intensifying conflict of interes.
| Original language | English |
|---|---|
| Article number | 107781 |
| Journal | Finance Research Letters |
| Volume | 84 |
| Early online date | 15 Jun 2025 |
| DOIs | |
| Publication status | Published - Nov 2025 |
Bibliographical note
Publisher Copyright:© 2025
Keywords
- Stock Overpricing
- Underwriting Fees
- Stock Price Crash Risk