Stock price synchronicity and limited arbitrage

摘要：

A new view of limited arbitrage is applied in the study of the reasons of stock price synchronicity in China based on the behavioral finance theory. This paper made an explorary study about the relation between limited arbitrage, stock price synchronicity and market efficiency. A conclusion different from the study about cash stock dividends in foreign countries is derived that cash dividends as a tunnel of dominant strockholders increase the holding cost of arbitragers, and affect stock price synchronicity, leading to low market efficiency.

作者: Bingbing Wang Xinping Xia Hao Xiao

作者单位: School of Management Huazhong University of Science and Technology Wuhan, China

会议类型: 国际会议

会议名称: International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)

会议地点: 武汉

会议语种:英文

页码: 1-4

在线出版日期: 2011-08-12（万方平台首次上网日期，不代表论文的发表时间）