Harmonious stock prices

Kai Zhu, Wayne Yu, Hong Sun, Wenjie Wang

Research output: Journal article publicationJournal articleAcademic researchpeer-review


Stock price movements in China still remain highly harmonious, in spite of the many significant regulatory and structural changes over the recent years. A survey of the literature reveals that harmony in the stock price movements is related to a few salient features in China's capital market: high ownership concentration, high incidence of the use of pyramidal ownership structure, significant state ownership, and a lack of active institutional investors. In addition, we also point out that harmonious stock prices may generally result from low intensity of private information acquisitions by risk arbitrageurs.
Original languageEnglish
Pages (from-to)1-17
Number of pages17
JournalFrontiers of Business Research in China
Issue number1
Publication statusPublished - 1 Jan 2014


  • firm-specific information
  • market efficiency
  • stock price synchronicity

ASJC Scopus subject areas

  • General Business,Management and Accounting
  • Public Administration


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