Abstract
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 language | English |
|---|---|
| Pages (from-to) | 1-17 |
| Number of pages | 17 |
| Journal | Frontiers of Business Research in China |
| Volume | 8 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 1 Jan 2014 |
Keywords
- firm-specific information
- market efficiency
- stock price synchronicity
ASJC Scopus subject areas
- General Business,Management and Accounting
- Public Administration