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Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity : evidence from China

Gul, Ferdinand A, Kim, Jeong-Bon and Qiu, Annie A 2010, Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity : evidence from China, Journal of financial economics, vol. 95, no. 3, pp. 425-442, doi: 10.1016/j.jfineco.2009.11.005.

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Title Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity : evidence from China
Author(s) Gul, Ferdinand A
Kim, Jeong-Bon
Qiu, Annie A
Journal name Journal of financial economics
Volume number 95
Issue number 3
Start page 425
End page 442
Total pages 18
Publisher Elsevier
Place of publication Amsterdam, Netherlands.
Publication date 2010-03
ISSN 0304-405X
Summary This paper investigates the effects of largest-shareholder ownership concentration, foreign ownership, and audit quality on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, of Chinese-listed firms over the 1996–2003 period. We show that synchronicity is a concave function of ownership by the largest shareholder with its maximum at an approximate 50% level. Further, we find that synchronicity is higher when the largest shareholder is government related. We also find that foreign ownership and auditor quality are inversely associated with synchronicity. Finally, we show that the amount of earnings information reflected in stock returns is lower for firms with high synchronicity.
Language eng
DOI 10.1016/j.jfineco.2009.11.005
Field of Research 150103 Financial Accounting
1502 Banking, Finance And Investment
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2009, Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30086474

Document type: Journal Article
Collection: Department of Accounting
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