本研究以1992年至2019年之美國樣本研究CEO任期與股價崩盤風險之關聯性，CEO在任期初期，市場對其能力尚未有所了解時，會依賴公司績效去評估CEO能力，而本研究推論CEO在此時會有兩種行為，一是為積極展現自己能力而隱瞞壞消息，以引導市場對其能力朝正向評估；另一種是想要透過建立樂於溝通的聲譽，提高資訊透明度，進而提高公司價值，所以不會去隱瞞壞消息。本研究發現，相對於任期其他階段，CEO任期初期與股價崩盤風險呈顯著負相關，且該關係在虧損公司會更明顯，故整體來說，在CEO任期之初，CEO傾向不去隱瞞壞消息，藉此建立聲譽。

This study uses a sample of the United States from 1992 to 2019 to examine the relationship between CEO tenure and stock price crash risk. When the market does not understand the ability of newly appointed CEOs, it will rely on firm performance to evaluate the CEOs’ ability. This study infers that CEOs will have two behaviors at this time. One is to hoard bad news to actively show their abilities, guiding the market to evaluate its capabilities in a positive way; the other is to improve the value of the company by building a reputation for being willing to communicate, so they do not hoard bad news. We find that stock price crash risk is lower in the early years of CEOs’ service than in the later years of CEOs’ service. In other words, newly appointed CEOs tend to build a reputation by not hoarding bad news.

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