Harmonious stock prices

Kai Zhu; Wayne Yu; Hong Sun; Wenjie Wang

doi:10.3868/s070-003-014-0001-4

Harmonious stock prices

Kai Zhu, Wayne Yu, Hong Sun, Wenjie Wang

Research output: Journal article publication › Journal article › Academic research › peer-review

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	https://doi.org/10.3868/s070-003-014-0001-4
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

More information

10.3868/s070-003-014-0001-4

Cite this

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KW - market efficiency

KW - stock price synchronicity

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Harmonious stock prices

Abstract

Keywords

ASJC Scopus subject areas

More information

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