Harmonious Stock Prices  

作　　者：Hong Sun Jacqueline Wenjie Wang Wayne Yu Kai Zhu 

机构地区：[1]School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433,China

出　　处：《Frontiers of Business Research in China》2014年第1期1-17,共17页中国高等学校学术文摘·工商管理研究（英文版）

摘　　要：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.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.

关 键 词：stock price synchronicity firm-specific information market efficiency 

分 类 号：F832.51[经济管理—金融学] F830.91