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    Can microblogging information disclosure reduce stock price synchronicity? Evidence from China

    Access Status
    Fulltext not available
    Authors
    Zhou, D.
    Zhao, Y.
    Lin, P.
    Li, B.
    Cheung, Adrian
    Date
    2018
    Type
    Journal Article
    
    Metadata
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    Citation
    Zhou, D. and Zhao, Y. and Lin, P. and Li, B. and Cheung, A. 2018. Can microblogging information disclosure reduce stock price synchronicity? Evidence from China. Australian Journal of Management. 44 (2): pp. 282–305.
    Source Title
    Australian Journal of Management
    DOI
    10.1177/0312896218796884
    ISSN
    0312-8962
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/74251
    Collection
    • Curtin Research Publications
    Abstract

    We study the relationship between stock price synchronicity and information disclosure of firms listed in the Chinese stock market, using hand-collected data on firms’ official microblogging content in Sina Weibo, a popular microblogging service in China. We find that after controlling for the impact of traditional media, the number of Weibo tweets is related negatively to stock price synchronicity, indicating that stock prices incorporate firm-specific information disclosed in the firm’s official Weibo. Number of microblogging fans can strengthen this negative relationship. Our result is robust to alternative measures of stock price synchronicity, microblogging information disclosure, and to endogeneity issues. JEL Classification: G14, G15.

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