Does investors’ site visits improve the capital market pricing efficiency?
نویسندگان
چکیده
This article empirically tested the impact of investors' site visits on capital market pricing efficiency. Leveraging data from 2009 to 2022 Shenzhen Stock Exchange's listed companies, we found that: (1) Investors' could reduce stock price synchronicity, indicating improved efficiency market. (2) The mechanisms tests showed investors obtain private incremental information through visits. (3) conclusions remained intact after robust tests, including alternative key variables, samples and specifications, various endogenous treatments. (4) Investors added arbitrage trading behavior visit without significantly impounding industry-level into price. paper enriched knowledge how different investment entities affect
منابع مشابه
Are investors' corporate site visits informative
Corporate site visit is an important type of investors’ information acquisition activities, but its usefulness is not well understood in the literature, partially due to the lack of data. Using a unique dataset of corporate site visits in China, we analyze the information content and the determinants of corporate site visits. Our main findings are as follows. First, we document a significant ma...
متن کاملPresidential Address: Sophisticated Investors and Market Efficiency
Stock-market trading is increasingly dominated by sophisticated professionals, as opposed to individual investors. Will this trend ultimately lead to greater market efficiency? I consider two complicating factors. The first is crowding—the fact that, for a wide range of “unanchored” strategies, an arbitrageur cannot know how many of his peers are simultaneously entering the same trade. The seco...
متن کاملMeasuring the Efficiency of Capital Market Regulations
The paper develops the idea of valuation capital market regulations efficiency. The performance and efficiency measurement idea is very widely spread in the private sector. However efficiency concept in a public sector is rather new approach and still underdeveloped. The goal of this paper is to reveal the possibilities to measure the efficiency of a public sector performance by applying some d...
متن کاملDoes Electronic Trading Improve Market Efficiency? Evidence from Spatial Arbitrage in the Automotive Market
Price disparities across locations can occur when sellers in one location have difficulty matching with buyers in a different location due to the transaction costs of trading across distance. Spatial arbitrageurs exploit these discrepancies by buying goods from locations where prices are low and reselling them at locations where prices are high. Electronic channels should lower the transaction ...
متن کاملComparative Study of Capital Assets Pricing Models (CAPM) with Extrapolating Capital Assets Pricing Models (X-CAPM) in Tehran Exchange Market
The main objective of this article is to present a comparative study of capital assets pricing models (CAPM) with extrapolating capital assets pricing models (X-CAPM) of companies admitted in Tehran Exchange Market which is accomplished for the first time by investigators of this research in Iran. Accordingly, the statistical population under study of this research includes all companies admitt...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Heliyon
سال: 2023
ISSN: ['2405-8440']
DOI: https://doi.org/10.1016/j.heliyon.2023.e19100