Geographical distance and stock price synchronization: evidence from China

被引：0

作者：

Xiong, Xiong ^{[1
]}

Ruan, Chenghao ^{[1
]}

Meng, Yongqiang ^{[1
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, 92 Weijin Rd, Tianjin 300072, Peoples R China

来源：

FINANCIAL INNOVATION | 2025年 / 11卷 / 01期

基金：

中国国家自然科学基金;

关键词：

Geographical distance; Stock price synchronization; Institutional investor; INSTITUTIONAL INVESTORS; HOME BIAS; INFORMATION; SYNCHRONICITY; TRANSPARENCY; PROXIMITY;

D O I：

10.1186/s40854-025-00764-1

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The effects of geographic factors on information dissemination among investors have been extensively studied; however, the relationship between the geographical distance and stock price synchronization remains unclear. Grounded in information asymmetry theory, this study investigates the impact of geographical distance on stock price synchronization in the Chinese stock market. Using the data from the Shanghai and Shenzhen Stock Exchanges, we find that a greater geographical distance between mutual funds and firms considerably increases stock price synchronization, highlighting a strong positive relationship. Additional analysis show that firms in the regions with better external and internal governance, benefit more from reduced information asymmetry, than those in less regulated or transparent regions. These results have key implications for institutional investors and policymakers aiming to enhance information dissemination and market integration in China.

引用

页数：27

共 62 条

[1] Institutional Investor Attention and Firm Disclosure [J].

Abramova, Inna ;

Core, John E. ;

Sutherland, Andrew .

ACCOUNTING REVIEW, 2020, 95 (06) :1-21

[2] The Impact of the Real Interest Rate, the Exchange Rate and Political Stability on Foreign Direct Investment Inflows: A Comparative Analysis of G7 and GCC Countries [J].

Alshubiri, Faris .

ASIA-PACIFIC FINANCIAL MARKETS, 2022, 29 (03) :569-603

[3] The stock market capitalisation and financial growth nexus: an empirical study of western European countries [J].

Alshubiri, Faris .

FUTURE BUSINESS JOURNAL, 2021, 7 (01)

[4] Stock price synchronicity, crash risk, and institutional investors [J].

An, Heng ;

Zhang, Ting .

JOURNAL OF CORPORATE FINANCE, 2013, 21 :1-15

[5] Neighbors matter: Geographical distance and trade timing in the stock market [J].

Baltakys, Kestutis ;

Baltakiene, Margarita ;

Karkkainen, Hannu ;

Kanniainen, Juho .

FINANCE RESEARCH LETTERS, 2019, 31 :250-257

[6] Home away from Home: Geography of Information and Local Investors [J].

Bernile, Gennaro ;

Kumar, Alok ;

Sulaeman, Johan .

REVIEW OF FINANCIAL STUDIES, 2015, 28 (07) :2009-2049

[7] The effect of institutional ownership on firm transparency and information production [J].

Boone, Audra L. ;

White, Joshua T. .

JOURNAL OF FINANCIAL ECONOMICS, 2015, 117 (03) :508-533

[8] Large controlling shareholders and stock price synchronicity [J].

Boubaker, Sabri ;

Mansali, Hatem ;

Rjiba, Hatem .

JOURNAL OF BANKING & FINANCE, 2014, 40 :80-96

[9] Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk [J].

Campbell, JY ;

Lettau, M ;

Malkiel, BG ;

Xu, YX .

JOURNAL OF FINANCE, 2001, 56 (01) :1-43

[10] The real value of China's stock market [J].

Carpenter, Jennifer N. ;

Lu, Fangzhou ;

Whitelaw, Robert F. .

JOURNAL OF FINANCIAL ECONOMICS, 2021, 139 (03) :679-696

← 1 2 3 4 5 6 7 →