Managerial ability and stock price synchronicity

被引：10
|
作者：
Fu, Junhui [1 ]
Chen, Xingwei [1 ]
Liu, Yufang [1 ]
Chen, Rongda [1 ,2 ]
机构：
[1] Zhejiang Univ Finance & Econ, Sch Finance, Hangzhou 300018, Peoples R China
[2] Zhejiang Univ Finance & Econ, Coordinated Innovat Ctr Wealth Management & Quant, Hangzhou 310018, Peoples R China
来源：
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 60卷
基金：
中国国家自然科学基金;
关键词：
Managerial ability; Stock price synchronicity; State ownership; Institutional shareholding; Opacity of financial reports; CORPORATE SOCIAL-RESPONSIBILITY; FIRM-SPECIFIC INFORMATION; VOLUNTARY DISCLOSURE; ANALYST COVERAGE; EMERGING MARKETS; MODERATING ROLE; CEO ABILITY; GOVERNANCE; OWNERSHIP; TRANSPARENCY;
D O I：
10.1016/j.ribaf.2021.101606
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of managerial ability on stock price synchronicity. Using a large sample of Chinese firms, we find that there is a negative relationship between managerial ability and stock price synchronicity. This finding holds after a series of robustness checks including potential endogeneity issues, different measures of managerial ability and stock price synchronicity, subsample analysis, and the winsorization of several variables. Further analyses show that the negative relationship is more pronounced for private enterprises and higher institutional shareholding firms. Finally, we find that managerial ability affects the stock price synchronicity through the opacity of financial reports.
引用
收藏
页数：16
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