文献类型：期刊文献

英文题名：Cross-shareholding networks and stock price synchronicity: Evidence from China

作者：Wen, Fenghua[1,2,3]; Yuan, Yujie[1]; Zhou, Wei-Xing[4,5]

机构：[1] School of Business, Central South University, Changsha, Human, 410083, China; [2] Supply Chain and Logistics Optimization Research Centre, Faculty of Engineering, University of Windsor, Windsor, ON, Canada; [3] Centre for Computational Finance and Economic Agents, University of Essex, Colchester, CO4 3SQ, United Kingdom; [4] Department of Finance, East China University of Science and Technology, School of Business, 130 Meilong Road, Shanghai, 200237, China; [5] Department of Mathematics, East China University of Science and Technology, Shanghai, 200237, China

年份：2019

外文期刊名：arXiv

收录：EI(收录号：20200497567)

语种：英文

外文关键词：Commerce

摘要：This paper investigates the effect of cross-shareholding on stock price synchronicity, as a measure of price informativeness, of the listed firms in the Chinese stock market. We gauge firms- levels of cross-shareholdings in terms of centrality in the cross-shareholding network. It is confirmed that it is through a noise-reducing process that crossshareholding promotes price synchronicity and reduces price delay. More importantly, this effect on price informativeness is pronounced for large firms and in the periods of market downturns. Overall, our analyses provide insights nto the relation between the ownership structure and price informativeness. Copyright ? 2019, The Authors. All rights reserved.