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دانلود رایکان مقاله انگلیسی ISI با موضوع همزمانی قیمت سهام و افشای اطلاعات

عنوان فارسی مقاله:

همزمانی قیمت سهام و افشای اطلاعات: سندی از یک بازار در حال ظهور

عنوان انگلیسی مقاله:

Stock price synchronicity and information disclosure: Evidence from an emerging market

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5. Conclusion

This paper adds to the debate on informational role of stock price synchronicity. Using the data from India, we show that returns of portfolios comprising of firms with high synchronicity lead returns of portfolios comprising of firms with low synchronicity during the period between 1999 and 2012. We show that this relationship is robust under various information conditions. We argue that better information environment and institutional ownership associated with firms exhibiting high synchronicity is the driving force behind our results. Better information environment and institutional ownership makes stock prices more efficient and leads to the incorporation of timely information. It, therefore, also results in making returns of portfolios comprising of firms with high synchronicity to lead returns of portfolios comprising of firms with low synchronicity. This paper contributes to the growing literature on stock price synchronicity (Chan and Hameed, 2006; Farooq and Ahmed, 2014). However, unlike prior literature that primarily focuses on the determinants of synchronicity, we document the implication of synchronicity for investors. We believe that our results have important implications for investors, especially foreign investors in emerging markets. Our results indicate that foreign investors – who usually have informational disadvantage – can obtain value relevant information from stock price synchronicity. We argue that stock price synchronicity – a publicly available market-driven indicator – can help these investors to mitigate some of the information asymmetries in emerging markets.