Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their s...Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their stock price synchronicity decreases.Moreover,the longer the ARCLs and the more negative the ARCLs’tone,the lower the resulting stock price synchronicity.The mechanism test shows that after firms receive ARCLs,the firms’information disclosure increases in quantity and quality,external media attention increases,and the firms’governance improves,reducing their stock price synchronicity.Further research shows that this negative association is more significant in firms with higher information asymmetry.This paper shows that the ARCL,an innovative application of the capital market supervision philosophy,is conducive to improving the quality of listed firms and to the healthy development of the capital market.展开更多
Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-...Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.展开更多
文摘Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their stock price synchronicity decreases.Moreover,the longer the ARCLs and the more negative the ARCLs’tone,the lower the resulting stock price synchronicity.The mechanism test shows that after firms receive ARCLs,the firms’information disclosure increases in quantity and quality,external media attention increases,and the firms’governance improves,reducing their stock price synchronicity.Further research shows that this negative association is more significant in firms with higher information asymmetry.This paper shows that the ARCL,an innovative application of the capital market supervision philosophy,is conducive to improving the quality of listed firms and to the healthy development of the capital market.
基金National Natural Science Foundation of China(No.71790594,72071142 and 72271184).
文摘Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.
