全球地缘政治风险与股价信息性

IF 8.7 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2025-08-09 DOI:10.1016/j.eap.2025.08.010

Fujun Lai , Fuxiang Wang , Yunzhong Li , Wai Yan Shum

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引用次数: 0

摘要

本研究以2007 - 2021年的中国上市公司为样本，考察全球地缘政治风险对股价信息性的影响。本文发现，探地雷达显著降低了股价的信息量。我们提出羊群行为是一种潜在的机制。当GPR升高时，投资者可能会对他人的行为变得更加敏感，从而导致股价的信息量降低。我们还发现，在信息环境较差、海外经营、市场条件不利、机构投资者持股比例较低的公司中，GPR对股价信息性的影响更为明显。进一步分析发现，意外探地雷达会降低股价的信息量，而预期探地雷达实际上会提高股价的信息量。本文的研究对政策制定者和投资者解决GPR问题具有重要的参考价值，有助于优化投资决策，提高市场效率。

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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Global geopolitical risk and stock price informativeness

This study uses a sample of Chinese listed companies from 2007 to 2021 to investigate the impact of global geopolitical risk (GPR) on stock price informativeness. Our paper finds that GPR significantly reduces stock price informativeness. We propose herding behavior as a potential mechanism. When GPR is elevated, investors may become more sensitive to the actions of others, resulting in a reduction in stock price informativeness. We also find that the impact of GPR on stock price informativeness is more pronounced for companies with poorer information environments, overseas operations, unfavorable market conditions, and lower institutional investor ownership. Further analysis reveals that unexpected GPR can reduce stock price informativeness, whereas expected GPR may actually increase stock price informativeness. Our study is of significant value to policymakers and investors in addressing GPR, as it helps optimize investment decisions and enhance market efficiency.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.