Firms' delayed replies and investor confidence: Evidence from M&A comment letters in China

被引：1

作者：

Han, Mengrui ^{[1
]}

Ying, Qianwei ^{[1
]}

Huang, Li ^{[2
]}

机构：

[1] Sichuan Univ, Business Sch, 29 Wangjiang Rd, Chengdu 610064, Peoples R China

[2] Southwest Univ Polit Sci & Law, Business Sch, Chongqing, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 56卷

关键词：

Delayed response; Comment letter; Investor confidence; The Signaling effect; CORPORATE DISCLOSURE; SEC; INFORMATION;

D O I：

10.1016/j.frl.2023.104125

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of firms' delayed responses to M & A comment letters on investor confidence. Using data from Internet stock message boards between 2015 and 2019 in China, we find that delayed responses by listed companies have a significant adverse effect on investor confidence, and this effect is more pronounced in firms with lower information transparency. Further, we examine firms' stock market performance after the stock trading resumption date and find that companies with delayed responses experience significantly lower cumulative abnormal returns.

引用

页数：9

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