Faster than flying: High-speed rail, investors, and firms

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2025-09-01 DOI:10.1016/j.finmar.2025.100984

Lu Qin , Don M. Autore , Danling Jiang , Hongquan Zhu

引用次数: 0

Abstract

We examine the impact of staggered high-speed rail (HSR) connection events between city pairs in China on retail investor behavior and stock market equilibrium outcomes. We find that HSR introductions between investor-firm city pairs promote intercity retail block purchases and cross-city web searches, and increase return comovement among firms in connected cities. Enhanced city connectivity is associated with improved firm valuation, increased turnover, better liquidity, and reduced prevalence of large trades. These effects tend to be driven by connected city pairs with a distance below 1,500 km, for which HSR is faster than flying.

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比飞机还快：高铁、投资者和公司

本文研究了中国城市间交错高铁连接事件对散户投资者行为和股票市场均衡结果的影响。研究发现，投资者-企业城市对之间引入高铁，促进了城际零售街区购买和跨城市网络搜索，并增加了连接城市中企业之间的回报移动。城市连通性的增强与公司估值的提高、营业额的增加、流动性的改善和大宗交易的减少有关。这些影响往往是由距离低于1500公里的城市对所驱动的，对这些城市来说，高铁比飞机更快。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.