4.7 Article

Public data acces and stock price synchronicity: Evidence from China*

Related references

Note: Only part of the references are listed.
Article Business, Finance

The effect of tick size on managerial learning from stock prices

Mao Ye et al.

Summary: In this study, we investigate the impact of tick size on managerial learning from stock prices. We find that a larger tick size increases firms' investment sensitivity to stock prices, indicating that managers extract more information from stock prices to guide their investment decisions. Additionally, we observe that changes in managerial beliefs, as reflected in adjustments of forecasted capital expenditures, respond more strongly to market feedback under a larger tick size.

JOURNAL OF ACCOUNTING & ECONOMICS (2023)

Article Business

Digitalization and sustainable development: How could digital economy development improve green innovation in China?

Shiyue Luo et al.

Summary: In the context of sustainable development, the development of the digital economy can improve green innovation levels indirectly by boosting economic openness, optimizing industrial structure, and expanding market potential. The development of the digital economy has spatial effects on green innovation. However, the enhancement of green innovation in more developed regions may inhibit green innovation in less developed regions.

BUSINESS STRATEGY AND THE ENVIRONMENT (2023)

Article Business, Finance

Information acquisition costs and credit spreads

Marcin Jaskowski et al.

Summary: This paper explores the relationship between information acquisition costs and corporate bond spreads. By analyzing the introduction of the SEC's EDGAR database and XBRL initiative, it is found that lower information acquisition costs lead to a decline in credit spreads. This effect is more significant for bonds with higher information uncertainty. It is also observed that bond liquidity plays a crucial role in transmitting the impact of reduced information acquisition costs on credit spreads.

JOURNAL OF BANKING & FINANCE (2023)

Article Economics

Impact of the digital economy on high-quality urban economic development: Evidence from Chinese cities

Bingnan Guo et al.

Summary: The establishment of China's big data comprehensive pilot zones has accelerated the development of the digital economy by promoting the integration of big data and cloud computing. By analyzing the impact of the digital economy on high-quality urban economic development, using data from China and employing a difference-in-differences approach, our study found that the digital economy significantly stimulates economic development by improving human capital and promoting green technology innovation. Additionally, the digital economy can alleviate the crowding effect in developed areas, providing a solid foundation for high-quality economic development. Our findings offer new insights into the real impact of the digital economy on urban economic development.

ECONOMIC MODELLING (2023)

Article Economics

How does digital finance affect regional innovation capacity? A spatial econometric analysis*

Peng Hui et al.

Summary: Digital finance, a new model of financial services, has a significant impact on social development. However, there is limited theoretical explanation of its effects on regional innovation. This paper examines the influence of digital finance on regional innovation capacity using panel data of 31 provinces in China from 2011 to 2018. The study reveals that digital finance can enhance regional capacity, especially in provinces with a higher share of tertiary sector in GDP and a lower market development. Furthermore, the spatial role of neighboring provinces' innovation capacity also contributes to the positive impact of digital finance on regional innovation capacity. These findings have implications for leveraging digital finance to enhance regional innovation capacity in different market and geographical contexts.

ECONOMIC MODELLING (2023)

Article Economics

How FinTech improves financial reporting quality? Evidence from earnings management

Huiyu Wen et al.

Summary: This study examines the influence of financial technology (FinTech) on the informativeness of financial markets with respect to corporate financial reporting quality. By analyzing manually collected data on FinTech patents, we find that regional FinTech development reduces real earnings management by firms. Our findings suggest that FinTech development leads to increased information production, external monitoring, elevated costs of misreporting, improved credit accessibility, and reduced external financing motives for earnings management. These findings provide guidelines for using FinTech applications to enhance the information environment as financial development becomes more reliant on technological advances.

ECONOMIC MODELLING (2023)

Article Business, Finance

On the fast track: Information acquisition costs and information production

Deqiu Chen et al.

Summary: This study shows that reductions in information-acquisition costs due to the introduction of high-speed rail (HSR) lead to increased information production, improved output quality, and enhanced price efficiency. These effects are more pronounced for firms with difficult-to-produce information. The survey results emphasize the importance of soft information in analysts' unique-information production.

JOURNAL OF FINANCIAL ECONOMICS (2022)

Article Business, Finance

Democracy and the pricing of initial public offerings around the world

Huu Nhan Duong et al.

Summary: A negative correlation is found between democracy and IPO underpricing, based on a sample of 23,050 IPOs from 45 countries. The impact of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms, backed by venture capital firms, and with better disclosure specificity of use of proceeds. However, democracy has a stronger influence on underpricing for firms with higher agency problems, in countries with weaker institutional quality or shareholder protection, and during periods of high investor sentiment or economic policy uncertainty. Overall, the study highlights the importance of democracy in reducing IPO underpricing globally.

JOURNAL OF FINANCIAL ECONOMICS (2022)

Article Business, Finance

Macro news and micro news: Complements or substitutes?

David Hirshleifer et al.

Summary: This study examines the impact of macro-news on the stock market's ability to incorporate firm-level earnings information and finds that on macro-news days, announcement returns are more sensitive to earnings news and the post-earnings announcement drift effect is weaker, contrary to the existing theory of attention substitution.

JOURNAL OF FINANCIAL ECONOMICS (2022)

Article Management

The Private Impact of Public Data: Landsat Satellite Maps Increased Gold Discoveries and Encouraged Entry

Abhishek Nagaraj

Summary: This research examines the impact of public data on the discovery rates and market share of incumbents and entrants in the gold exploration industry using Landsat satellite mapping data. The study finds that public data significantly increases the rate of significant gold discoveries and the market share of new entrants. Public data play an important role in driving performance differences across firms.

MANAGEMENT SCIENCE (2022)

Article Business, Finance

Does stock market liberalization improve stock price efficiency? Evidence from China

Yunsen Chen et al.

Summary: This study examines the impact of stock market liberalization on stock price efficiency, using China's market liberalization pilot program as a shock. The results show that stock prices of investible firms become more synchronized after the liberalization, indicating an improvement in price efficiency. The study identifies two channels through which price efficiency is enhanced: better information disclosure by firms and increased incorporation of information through trading activities of foreign investors. The study also finds that investment becomes more sensitive to prices, further supporting the increase in stock price efficiency.

JOURNAL OF BUSINESS FINANCE & ACCOUNTING (2022)

Article Business, Finance

Pandemic effect on corporate financial asset holdings: Precautionary or return-chasing?

Haoyu Gao et al.

Summary: This study empirically examines the impact of the COVID-19 pandemic on corporate financial asset holdings and finds that firms with higher pandemic exposure are less likely to hold financial assets. It also reveals that firms prefer to liquidate highly liquid financial assets to address liquidity shortages caused by the pandemic.

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE (2022)

Article Business, Finance

Internet searching and stock price crash risk: Evidence from quasi-natural experiment

Yongxin Xu et al.

Summary: After Google unexpectedly withdrew its searching business from China in 2010, investors' ability to find information online was reduced. As a result, the stock price crash risk and sensitivity to negative Internet posts of firms that were more searched for via Google before its withdrawal both increased.

JOURNAL OF FINANCIAL ECONOMICS (2021)

Article Business, Finance

Can FinTech Competition Improve Sell-Side Research Quality?

Russell Jame et al.

Summary: Increased competition resulting from financial technology innovation has led to an improvement in sell-side research quality. The presence of Estimize, an open platform for crowdsourcing short-term earnings forecasts, has reduced bias and increased accuracy in consensus among added firms. Furthermore, individual analysts, especially those close to management, have shown a more significant reduction in bias in response to competition from Estimize.

ACCOUNTING REVIEW (2021)

Article Economics

Difference-in-differences with variation in treatment timing

Andrew Goodman-Bacon

Summary: The paper explores the relationship between the two-way fixed effects estimator and all possible two-group/two-period DD estimators, showing that it is a weighted average. A causal interpretation of two-way fixed effects DD estimates requires meeting the parallel trends assumption and constant treatment effects over time.

JOURNAL OF ECONOMETRICS (2021)

Article Business

Pandemic Effect on Analyst Forecast Dispersion: Earnings Uncertainty or Information Lockdown?

Haoyu Gao et al.

Summary: The study investigates the impact of the COVID-19 pandemic on financial analysts' forecast dispersion. It finds that mobility restrictions during the pandemic significantly increase forecast dispersion for firms in affected zones. The analysis suggests that the decrease in site visits and face-to-face communication during the pandemic supports the information lockdown hypothesis.

EMERGING MARKETS FINANCE AND TRADE (2021)

Article Development Studies

Can e-government limit the scope of the informal economy?

Nasr G. Elbahnasawy

Summary: The study demonstrates that e-government is an effective tool in reducing informal economic activities, with a long-term effect higher than short-term effect. The strength of e-government mainly lies in its entirety, though it is also influenced by the development of telecommunications infrastructure, reinforcing the impact of other factors on reducing informal economy.

WORLD DEVELOPMENT (2021)

Article Business, Finance

Business groups and the incorporation of firm-specific shocks into stock prices

Mara Faccio et al.

Summary: Firm-specific information has a damped effect on business group-affiliated firms' stock prices. These firms' idiosyncratic stock returns are less responsive to idiosyncratic commodity price shocks than are the idiosyncratic returns of otherwise similar unaffiliated firms in the same country and commodity-sensitive industry.

JOURNAL OF FINANCIAL ECONOMICS (2021)

Article Business

Material Sustainability Information and Stock Price Informativeness

Jody Grewal et al.

Summary: This study examines the impact of materiality standards developed by SASB on companies' disclosure of sustainability information, finding that firms voluntarily disclosing more SASB-identified sustainability information exhibit greater price informativeness, while the disclosure of non-SASB information does not relate to informativeness.

JOURNAL OF BUSINESS ETHICS (2021)

Article Business, Finance

The Effect of Trade Secrets Law on Stock Price Synchronicity: Evidence from the Inevitable Disclosure Doctrine

Yongtae Kim et al.

Summary: The recognition of the Inevitable Disclosure Doctrine (IDD) increases the proprietary cost of disclosure, leading corporate managers to withhold more information, resulting in an increase in stock price synchronicity. This behavior leads to increases in the firm's market share, cost of equity, and market-to-book ratio, suggesting that managers prioritize product market gains over capital market benefits.

ACCOUNTING REVIEW (2021)

Article Multidisciplinary Sciences

Improving data access democratizes and diversifies science

Abhishek Nagaraj et al.

PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA (2020)

Article Business

Trust and Stock Price Synchronicity: Evidence from China

Baoyin Qiu et al.

JOURNAL OF BUSINESS ETHICS (2020)

Article Business, Finance

The Causal Effects of Proximity on Investment: Evidence from Flight Introductions

Jesse Ellis et al.

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS (2020)

Article Business, Finance

Media coverage and stock price synchronicity

Tung Lam Dang et al.

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS (2020)

Article Social Sciences, Interdisciplinary

How does China's stock market react to the announcement of the COVID-19 pandemic lockdown?

Xiaolin Huo et al.

ECONOMIC AND POLITICAL STUDIES-EPS (2020)

Article Economics

What Drives Entrepreneurship in Digital Economy? Evidence from China

Zhichao Yin et al.

ECONOMIC MODELLING (2019)

Article Economics

Digital Economics

Avi Goldfarb et al.

JOURNAL OF ECONOMIC LITERATURE (2019)

Article Business, Finance

Revolving doors on Wall Street

Jess Cornaggia et al.

JOURNAL OF FINANCIAL ECONOMICS (2016)

Article Business, Finance

Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption

Yi Dong et al.

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS (2016)

Article Economics

Measuring Economic Policy Uncertainty

Scott R. Baker et al.

QUARTERLY JOURNAL OF ECONOMICS (2016)

Article Economics

Taxpayer Search for Information: Implications for Rational Attention

Jeffrey L. Hoopes et al.

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY (2015)

Article Business, Finance

Commonality in news around the world

Tung Lam Dang et al.

JOURNAL OF FINANCIAL ECONOMICS (2015)

Article Business, Finance

Culture and R2

Cheol S. Eun et al.

JOURNAL OF FINANCIAL ECONOMICS (2015)

Article Economics

US Food Aid and Civil Conflict

Nathan Nunn et al.

AMERICAN ECONOMIC REVIEW (2014)

Article Business, Finance

Large controlling shareholders and stock price synchronicity

Sabri Boubaker et al.

JOURNAL OF BANKING & FINANCE (2014)

Article Business, Finance

Stock price synchronicity and liquidity

Kalok Chan et al.

JOURNAL OF FINANCIAL MARKETS (2013)

Article Business, Finance

Stock price synchronicity, crash risk, and institutional investors

Heng An et al.

JOURNAL OF CORPORATE FINANCE (2013)

Article Business, Finance

Analyst Initiations of Coverage and Stock Return Synchronicity

Steven S. Crawford et al.

ACCOUNTING REVIEW (2012)

Article Business, Finance

Transparency, Price Informativeness, and Stock Return Synchronicity Theory and Evidence

Sudipto Dasgupta et al.

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS (2010)

Article Business

Fraud, Enforcement Action, and the Role of Corporate Governance: Evidence from China

Chunxin Jia et al.

JOURNAL OF BUSINESS ETHICS (2009)

Article Business, Finance

Block ownership and firm-specific information

Paul Brockman et al.

JOURNAL OF BANKING & FINANCE (2009)

Article Business, Finance

Does Voluntary Disclosure Improve Stock Price Informativeness?

K. Stephen Haggard et al.

FINANCIAL MANAGEMENT (2008)

Article Economics

Technology, information, and the decentralization of the firm

Daron Acemoglu et al.

QUARTERLY JOURNAL OF ECONOMICS (2007)

Article Business, Finance

Earnings management through real activities manipulation

Sugata Roychowdhury

JOURNAL OF ACCOUNTING & ECONOMICS (2006)

Article Business, Finance

Stock price synchronicity and analyst coverage in emerging markets

K Chan et al.

JOURNAL OF FINANCIAL ECONOMICS (2006)

Article Economics

Firm-specific variation and openness in emerging markets

K Li et al.

REVIEW OF ECONOMICS AND STATISTICS (2004)

Article Economics

A survey of weak instruments and weak identification in generalized method of moments

JH Stock et al.

JOURNAL OF BUSINESS & ECONOMIC STATISTICS (2002)

Article Economics

Geographic localization of international technology diffusion

W Keller

AMERICAN ECONOMIC REVIEW (2002)

Article Business, Finance

The quality of accruals and earnings: The role of accrual estimation errors

PM Dechow et al.

ACCOUNTING REVIEW (2002)

Article Economics

The Internet and the investor

BM Barber et al.

JOURNAL OF ECONOMIC PERSPECTIVES (2001)

Article Business, Finance

Information asymmetry, R&D, and insider gains

D Aboody et al.

JOURNAL OF FINANCE (2000)