Post-listing seasoning and stock price crash risk: evidence from Korea

This study examines whether stock price crash risk declines as firms become seasoned in the public market. Using 20,032 firm-year observations of Korean non-financial listed firms over 2012–2024, the study finds that listing age is negatively associated with future crash risk. Piecewise linear spline estimates show that this relation is concentrated in the first five post-listing years and weakens substantially thereafter, consistent with early public-market seasoning and improvements in the information environment.