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]Cent South Univ, Sch Business, Changsha, Human, Peoples R China;[2]Univ Windsor, Supply Chain & Logist Optimizat Res Ctr, Fac Engn, Windsor, ON, Canada;[3]Univ Essex, Ctr Computat Finance & Econ Agents, Colchester, Essex, England;[4]East China Univ Sci & Technol, Dept Finance, Shanghai, Peoples R China;[5]East China Univ Sci & Technol, Dept Math, Shanghai, Peoples R China

年份：2021

卷号：26

期号：1

起止页码：914

外文期刊名：INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:000552880300001)】；

基金：We gratefully acknowledge the financial support from the National Natural Science Foundation of China (71431008, 71873146, 71873147, U1811462) and the Program of Shanghai Academic Research Leader.

语种：英文

外文关键词：Cross-shareholding network; noise trading; ownership; price informativeness; stock price synchronicity

摘要：This article investigates the effect of cross-shareholdings 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 cross-shareholdings 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 into the relation between the ownership structure and price informativeness.