Dear Guangzhao and all the delegates of the CAS annual meeting: It is a great pleasure to learn that the 1994 annual meeting of the Chinese Academy of Sciences is being held in Beijing.Ⅰ would like to send you my war...Dear Guangzhao and all the delegates of the CAS annual meeting: It is a great pleasure to learn that the 1994 annual meeting of the Chinese Academy of Sciences is being held in Beijing.Ⅰ would like to send you my warm congratulations on the occasion and extend my cordial greetings to the delegates of the meeting and all the staff of the Chinese Academy of Sciences. In the past 45 years, especially since the reform and opening to the outside, the Chinese展开更多
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
文摘Dear Guangzhao and all the delegates of the CAS annual meeting: It is a great pleasure to learn that the 1994 annual meeting of the Chinese Academy of Sciences is being held in Beijing.Ⅰ would like to send you my warm congratulations on the occasion and extend my cordial greetings to the delegates of the meeting and all the staff of the Chinese Academy of Sciences. In the past 45 years, especially since the reform and opening to the outside, the Chinese
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.
