Economic policy uncertainty and stock price synchronicity: Evidence from China

被引：33
|
作者：
Shen, Huayu [1 ]
Liu, Runxin [1 ]
Xiong, Hao [2 ]
Hou, Fei [3 ]
Tang, Xiaoyi [1 ]
机构：
[1] North China Elect Power Univ, Sch Econ & Management, Beijing 102206, Peoples R China
[2] Guizhou Univ Finance & Econ, Sch Accounting, Guiyang 550025, Guizhou, Peoples R China
[3] Qingdao Univ, Sch Business, Qingdao 266071, Shandong, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 65卷
基金：
中国国家自然科学基金;
关键词：
Economic policy uncertainty; Managerial ownership; Institutional investors; Stock price synchronicity; Analysts tracking; ACCOUNTING CONSERVATISM; ANALYST COVERAGE; RISK-TAKING; MANAGEMENT;
D O I：
10.1016/j.pacfin.2020.101485
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates whether and how economic policy uncertainty (EPU) affects stock price synchronicity (SPS) based on the sample of listed firms from year 2007 to 2017 in China. We find that EPU significantly negatively affect SPS. Moreover, managerial ownership, bearish stock market and financial crises attenuate the negative influence of EPU on SPS. Institutional investors, high-quality auditors and analysts tracking reinforce the negative influence of EPU on SPS. Robustness tests also support the above results.
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页数：14
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