Institution Construction and the Information Content of Stock Price Variation in China’s Securities Market
In China, stock prices tend to move up or down together, which implies the low firm-specific information being capitalized into stock prices. This paper aims to track the change of the information content of stock prices by a sample of listed companies from 1994 to 2005 in China. The results of empirical investigation shows that with the evolvement of institution construction, the information content of stock prices displays a long-term upward trend.
Institution Construction Firm-specific Information R2 Panel Data
游家兴 张俊生 江伟
厦门大学管理学院财务研究与发展中心,361005
国际会议
西安
英文
2006-07-17(万方平台首次上网日期,不代表论文的发表时间)