Institution Construction and the Information Content of Stock Price Variation in China’s Securities Market

摘要：

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.

关键词： Institution Construction Firm-specific Information R2 Panel Data

作者: 游家兴 张俊生 江伟

作者单位: 厦门大学管理学院财务研究与发展中心,361005

会议类型: 国际会议

会议名称: 2006年中国国际金融年会

会议地点: 西安

会议语种:英文

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）