评论信监管与股价同步性:来自中国的证据

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2021-10-23 DOI:10.1080/16081625.2021.1993073

Feng Cao, Xueyan Zhang, Jin Liu

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引用次数: 3

摘要

摘要本文研究了意见信监管对股价同步性的影响。我们发现有确凿的证据表明，证券交易所的CL过程可以显著降低同步性，并且这种效应被政治联系和国家所有权所减弱。进一步的研究表明，当CLs解决重大会计问题、目标公司准备回应的时间较长、回应附有相关第三方的验证时，负相关关系更为明显。我们的研究结果证实了CL监管在加强企业特定信息披露方面的积极作用，并对提高新兴国家的市场效率具有启示意义。

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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Comment letter regulation and stock price synchronicity: evidence from China

ABSTRACT This paper investigates whether comment letter (CL) regulation affects stock price synchronicity. We find solid evidence that stock exchanges’ CL process can significantly reduce synchronicity, and this effect is attenuated by political connection and state ownership. Further study shows that the negative correlation is more pronounced when CLs address major accounting issues, target firms take longer time to prepare responses, and the responses are accompanied with verifications from related third parties. Our results confirm the positive role of the CL regulation in enhancing firm-specific information disclosure and have implications for the improvement of market efficiency in emerging nations.

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.