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《Journal of Financial Research》 2009-12
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On the Infonnational Transparency, Institutional Investors and Stock Price Comovement

WANG Yaping LIU Huilong WU Iiansheng  
The paper examines the relationship between stock price comovement and information transparency u- sing the data from Chinese stock market The authors find that the stock price comovement is positively correla- ted with the firm's information transparency, and the institutional ownership of the equity can reduce this posi- tive correlation. These findings are consistent with the argument that stock price comovement positivjely repre- sents information efficiency and that institutional investors can improve the stock market information efficiency.
【Fund】: 国家自然科学基金项目“中国股票市场的同步性:成因、信息含量及应用”(批准号:70873003)的研究成果
【CateGory Index】: F224;F832.51
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