Managerial ability and stock price synchronicity

被引：6

作者：

Fu, Junhui ^{[1
]}

Chen, Xingwei ^{[1
]}

Liu, Yufang ^{[1
]}

Chen, Rongda ^{[1
,2
]}

机构：

[1] Zhejiang Univ Finance & Econ, Sch Finance, Hangzhou 300018, Peoples R China

[2] Zhejiang Univ Finance & Econ, Coordinated Innovat Ctr Wealth Management & Quant, Hangzhou 310018, Peoples R China

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 60卷

基金：

中国国家自然科学基金;

关键词：

Managerial ability; Stock price synchronicity; State ownership; Institutional shareholding; Opacity of financial reports; CORPORATE SOCIAL-RESPONSIBILITY; FIRM-SPECIFIC INFORMATION; VOLUNTARY DISCLOSURE; ANALYST COVERAGE; EMERGING MARKETS; MODERATING ROLE; CEO ABILITY; GOVERNANCE; OWNERSHIP; TRANSPARENCY;

D O I：

10.1016/j.ribaf.2021.101606

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the impact of managerial ability on stock price synchronicity. Using a large sample of Chinese firms, we find that there is a negative relationship between managerial ability and stock price synchronicity. This finding holds after a series of robustness checks including potential endogeneity issues, different measures of managerial ability and stock price synchronicity, subsample analysis, and the winsorization of several variables. Further analyses show that the negative relationship is more pronounced for private enterprises and higher institutional shareholding firms. Finally, we find that managerial ability affects the stock price synchronicity through the opacity of financial reports.

引用

页数：16

共 50 条

[31] Stock price informativeness and managerial inefficiency
Xu, Liang
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2021, 74 : 348 - 364
[32] Managerial Compensation and Stock Price Manipulation
Schroth, Josef
[J]. JOURNAL OF ACCOUNTING RESEARCH, 2018, 56 (05) : 1335 - 1381
[33] Trust and Stock Price Synchronicity: Evidence from China
Qiu, Baoyin
Yu, Junli
Zhang, Kuo
[J]. JOURNAL OF BUSINESS ETHICS, 2020, 167 (01) : 97 - 109
[34] Managerial ability and analysts' stock recommendations
Jang, Soomi
Choi, Heeick
Kovacs, Tunde
Autore, Don M.
[J]. FINANCE RESEARCH LETTERS, 2023, 58
[35] Audit Quality and Stock Price Synchronicity: Evidence from Emerging Stock Markets
Almaharmeh, Mohammad, I
Shehadeh, Ali A.
Iskandrani, Majd
Saleh, Mohammad H.
[J]. JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2021, 8 (03): : 833 - 843
[36] Managerial ability and investment to price sensitivity
Shen, Jianghua
Xie, Lingmin
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 88 : 928 - 941
[37] Messages in online stock forums and stock price synchronicity: Evidence from China
Huang, Can
Cao, Yuqiang
Lu, Meiting
Shan, Yaowen
Zhang, Yizhou
[J]. ACCOUNTING AND FINANCE, 2023, 63 (03): : 3011 - 3041
[38] 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
[J]. CHINA FINANCE REVIEW INTERNATIONAL, 2016, 6 (03) : 230 - 244
[39] Stock price synchronicity and market liquidity: The role of funding liquidity
Ryu, Doojin
Webb, Robert I.
Yu, Jinyoung
[J]. FINANCE RESEARCH LETTERS, 2024, 61
[40] Returnee Executives, Corporate Social Responsibility, and Stock Price Synchronicity
Gao, Di
Zhao, Yuan
Tian, Qinghua
[J]. FRONTIERS IN PSYCHOLOGY, 2022, 13

← 1 2 3 4 5 →