Transparency and stock price informativeness: evidence from a natural experiment in China

被引：0
|
作者：
Zhang, Huili [1 ]
Li, Rong [2 ]
Lu, Zhengfei [2 ]
机构：
[1] Beijing Normal Univ, Business Sch, Beijing, Peoples R China
[2] Peking Univ, Guanghua Sch Management, 5 Yiheyuan Rd, Beijing 100871, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2023年 / 30卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Transparency; use of funds; stock price informativeness; information asymmetry; market reaction;
D O I：
10.1080/13504851.2021.1977231
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the impact of transparency on stock price informativeness by using an exogenous change in China: the comply-or-explain dividend regulation. Employing a difference-in-difference (DID) design, we find that increased transparency arising from firm's detailed disclosures regarding their use of funds significantly enhances their stock price informativeness. This effect is stronger for firms with higher information asymmetry and for firms with more-detailed explanations. Additionally, the cumulative abnormal return within a short window is positively related to the level of detail in the explanations.
引用
收藏
页码：114 / 119
页数：6
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