Does the online interaction between retail investors and firms affect stock price synchronicity?

被引：0
|
作者：
Huang, Zhenxing [1 ]
Liu, Jialiang [1 ]
Zhang, Xiaojia [2 ]
Li, Weiwei [3 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Management, Xian, Peoples R China
[2] Liaoning Univ Technol, Liaoning, Peoples R China
[3] Zhejiang Wanli Univ, Sch Business, Ningbo, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 69卷
关键词：
Retail investor; Online interaction platforms; Stock price synchronicity; CAPITAL STRUCTURE; INFORMATION; MARKET; R-2;
D O I：
10.1016/j.frl.2024.106201
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using data from Chinese listed companies from 2010 to 2022, we examine the effect of online interactive platforms on stock price synchronicity. We find that investor-firm interactions increase stock price synchronicity. These results are robust to endogeneity checks. Our mechanism analysis suggests that information asymmetry accounts for this effect. This effect is more pronounced for firms with fewer institutional investors and those facing periods of heightened economic policy uncertainty.
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页数：9
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