The DOI matches its Crossref record; 57 of the 57 references it cites were found in a registry or an index.
Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China
Open accessAbstract
This paper investigates the effects of largest-shareholder ownership concentration, foreign ownership, and audit quality on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, of Chinese-listed firms over the 1996-2003 period. We show that synchronicity is a concave function of ownership by the largest shareholder with its maximum at an approximate 50% level. Further, we find that synchronicity is higher when the largest shareholder is government related. We also find that foreign ownership and auditor quality are inversely associated with synchronicity. Finally, we show that the amount of earnings information reflected in stock returns is lower for firms with high synchronicity.
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Cites
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Petersen, M. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn053 · Cited by 10,746
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Corporate Governance and Equity Prices
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Auditor size and audit quality
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Law, finance, and economic growth in China
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Cited by
A review of archival auditing research
DeFond, M., & Zhang, J. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.09.002 · Cited by 3,188
The Brain Gain of Corporate Boards: Evidence from China
GIANNETTI, M., LIAO, G., & YU, X. (2015) · The Journal of Finance · doi:10.1111/jofi.12198 · Cited by 851
Political Incentives to Suppress Negative Information: Evidence from Chinese Listed Firms
PIOTROSKI, J. D., WONG, T. J., & ZHANG, T. (2015) · Journal of Accounting Research · doi:10.1111/1475-679x.12071 · Cited by 709
Material Sustainability Information and Stock Price Informativeness
Grewal, J., Hauptmann, C., & Serafeim, G. (2021) · Journal of Business Ethics · doi:10.1007/s10551-020-04451-2 · Cited by 384
Political uncertainty and cash holdings: Evidence from China
Xu, N., Chen, Q., Xu, Y., & Chan, K. C. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2016.08.007 · Cited by 355
Metadata
- Authors
- Gul, F. A., Kim, J.-B., & Qiu, A. A.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2010-03
- Volume
- 95
- Issue
- 3
- Pages
- 425-442
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2046857068
- Cited by
- 1,238
- References
- 57
- FWCI
- 81.36
- Type
- journal article
- Language
- en
- Open access
- green
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- Gul, F. A., Kim, J.-B., & Qiu, A. A. (2010). Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2009.11.005
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
