GU Leilei,a ni xiraan b and peng yuchao C

A Business School, Central University of Finance and Economics

B school of economics, xiamen university

C School of Finance and Belt & Road Finance Institute, Central University of Finance and Economics

　　bet365 Play online games Under Probability Weighting, Entrepreneurs with Skewness Preference Tend to Seek Right-SKEWED and Avoid Left-SKewed Risks. We Show that Chinese Firms Managed by With Professional epidemic experience, i.e., Who Previously Experienced The Outbreak of Sars During their Tenure As High Level Executives, Have a LOWER Stock Price Crash Risk Measud by the Negative Skewness of Stock PriceS in Subsent Periods. In Particular, Those Firms Intentally Avoid Stock Price CraShes by Adopting More Conservative Strategies in DeCision-Making. Overall, We provide the first evidence on the unable EFFECT of Entrepreneurs ’Subjective Judabilities of Disease OutBreaks Onancial Market Stability. These has long-term implications for the finish system.

　　Keywords: SARS, Epidemic Experience, Probability Weighting, Skewness Preference, stock

Price Crash Risk