Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/17646
Title: Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity : evidence from China
Authors: Gul, FA
Kim, JB
Qiu, AA
Keywords: Audit quality
China
Foreign ownership
Ownership concentration
State ownership
Stock price synchronicity
Issue Date: 2010
Publisher: Elsevier
Source: Journal of financial economics, 2010, v. 95, no. 3, p. 425-442 How to cite?
Journal: Journal of financial economics 
Abstract: 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.
URI: http://hdl.handle.net/10397/17646
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2009.11.005
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