会议专题

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

2006年中国国际金融年会

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)