地理邻近与价格效率:来自企业与金融中心之间高速铁路连接的证据

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2021-05-07 DOI:10.1111/fima.12354

Hao Gao, Yuanyu Qu, Tao Shen

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引用次数: 9

摘要

我们研究了金融中心的地理位置如何影响价格效率。利用中国企业城市与其最近的金融中心之间的高速铁路连接作为外生冲击，我们发现关联企业的股票定价比未关联企业的更有效。与我们的假设一致，旅行的便利性对那些离金融中心更近、规模更小、机构所有权和金融分析师覆盖率较低、不在卖空名单上的公司有更强的影响。我们的论文强调了企业与金融中心的地理邻近性对金融市场效率的重要性。

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Geographic proximity and price efficiency: Evidence from high-speed railway connections between firms and financial centers

We study how geographic proximity to financial centers affects price efficiency. Using high-speed railway connections between firm cities and their nearest financial centers in China as exogenous shocks, we find stocks of connected firms are more efficiently priced than those of firms that are not connected. Consistent with our hypothesis, ease of travel has a stronger effect on firms that are closer to financial centers, smaller, have less institutional ownership and financial analyst coverage, and are not on the short sales list. Our paper highlights the importance of the geographic proximity of firms to financial centers on financial market efficiency.

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.