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Most prior studies showed a positive relation between information opacity and stock price crash risk.However, using a large sample of China firms for the period 2001-2012, we find a nonlinear U-shape link between information disclosure quality and crash risk.Using an official public information disclosure assessment provided by Shenzhen Stock Exchange and synchronicity risk indicator R2 as two proxies of information transparency, we find that opaque firms, as well as excessive transparent firms, are both more prone to stock price crashes.Moreover,using a propensity score match and difference-in-differences approach, we avoid possible endogeneity issue and find that a negative shock assessment on information disclosure quality can reduce R2 (that means improve information transparency) but not reduce crash risk, which is consistent with the first finding.We identify one possible mechanism through which excessive transparency increases crash risk: excessive volatility augments volatility feedback effect and overreaction effect and then increase crash risk.