Which Firms Lose More Value in Stock Market Crashes

crashes were the two most significant market declines in U.S. history since the Great Depression. The S&P 500 lost 28.5 percent of its value, and the NASDAQ lost 24.6 percent of its value in the 1987 crash. The S&P 500 lost 23.7 percent of its value, and the NASDAQ lost 24.8 percent of its value in the 2008 crash. • This study uses multivariate analysis of variance and logistic regression analysis statistical techniques to identify the financial characteristics of the firms that