Inhabiting influence of digital finance on stock price synchronicity

被引：2
|
作者：
Ayaz, Muhammad [1 ]
Anwer, Zaheer [2 ]
Hassan, M. Kabir [3 ]
Xiaoyang, Xu [1 ]
机构：
[1] Jiangsu Univ, Sch Finance & Econ, Zhenjiang, Jiangsu, Peoples R China
[2] Sunway Univ, Sunway Business Sch, Dept Econ & Finance, Subang Jaya, Malaysia
[3] Univ New Orleans, New Orleans, LA 70148 USA
来源：
GLOBAL FINANCE JOURNAL | 2025年 / 64卷
关键词：
Digital finance; Stock price synchronicity; Information transparency; China; EARNINGS MANAGEMENT; EMERGING MARKETS; ACCRUALS;
D O I：
10.1016/j.gfj.2024.101057
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine how digital finance can influence stock price synchronicity in China for the period of 2011-2021. Results suggest that the digital finance index, coverage breadth, usage depth, and digitalization level can significantly reduce stock price synchronicity. The possible channels of this linkage are information opacity and stock price crash risk. We find that digital finance is effective in reducing stock price synchronicity only in state-owned enterprises and large firms. The results are robust and immune to reverse causality and endogeneity and have important implications for investors and policymakers.
引用
收藏
页数：19
相关论文
共 50 条
  • [31] The influences of information demand and supply on stock price synchronicity
    Yu-Fen Chen
    Cheng-Few Lee
    Fu-Lai Lin
    Review of Quantitative Finance and Accounting, 2023, 61 : 1151 - 1176
  • [32] OFDI and stock price synchronicity: Evidence from China
    Wang, Yanyi
    Zhang, Xueyong
    ACCOUNTING AND FINANCE, 2024,
  • [33] Trust and Stock Price Synchronicity: Evidence from China
    Qiu, Baoyin
    Yu, Junli
    Zhang, Kuo
    JOURNAL OF BUSINESS ETHICS, 2020, 167 (01) : 97 - 109
  • [34] Audit Quality and Stock Price Synchronicity: Evidence from Emerging Stock Markets
    Almaharmeh, Mohammad, I
    Shehadeh, Ali A.
    Iskandrani, Majd
    Saleh, Mohammad H.
    JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2021, 8 (03): : 833 - 843
  • [35] The impact of digital finance on stock price crash risk: evidence from China
    Wang, Wenjing
    Wang, Moting
    Dong, Yizhi
    KYBERNETES, 2024, 53 (05) : 1784 - 1799
  • [36] Messages in online stock forums and stock price synchronicity: Evidence from China
    Huang, Can
    Cao, Yuqiang
    Lu, Meiting
    Shan, Yaowen
    Zhang, Yizhou
    ACCOUNTING AND FINANCE, 2023, 63 (03): : 3011 - 3041
  • [37] Stock price synchronicity and stock price crash risk Based on the mediating effect of herding behavior of QFII
    Jin, Yonghong
    Yan, Mengya
    Xi, Yuqin
    Liu, Chunmei
    CHINA FINANCE REVIEW INTERNATIONAL, 2016, 6 (03) : 230 - 244
  • [38] Stock price synchronicity and public firm-specific information
    Xing, Xuejing
    Anderson, Randy
    JOURNAL OF FINANCIAL MARKETS, 2011, 14 (02) : 259 - 276
  • [39] Stock price synchronicity and market liquidity: The role of funding liquidity
    Ryu, Doojin
    Webb, Robert I.
    Yu, Jinyoung
    FINANCE RESEARCH LETTERS, 2024, 61
  • [40] Share pledging and stock price synchronicity: Evidence from China
    Jin, Yanbo
    Wei, Siqi
    Xu, Jian
    EMERGING MARKETS REVIEW, 2025, 65
12345