The impact of business group affiliation on stock price informativeness: Evidence from an emerging market

Q1 Economics, Econometrics and Finance Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI:10.1111/fmii.12111
A. Melih Küllü, Doug Dyer, Gokhan Yilmaz, Zenu Sharma
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引用次数: 3

Abstract

This paper examines the relationship between business group affiliation and stock price informativeness in an emerging market setting. We use stock price synchronicity as a measure, and study the impact of group affiliation -specifically the extent of affiliation, ownership structure and existence of group bank- on firm specific information content. Results reveal that the amount of firm-specific information capitalized into stock prices tends to be lower (higher) when the firm is group-affiliated (unaffiliated), indirectly (directly) owned, and affiliated group has (does not have) a group bank. Additionally, the extent of group affiliation maintains a non-linear relationship with synchronicity, suggesting that the perception of higher versus lower levels of group ownership differs.

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企业集团隶属关系对股价资讯性的影响:来自新兴市场的证据
本文研究了新兴市场背景下企业集团隶属关系与股票价格信息量之间的关系。我们以股价同步性为衡量标准,研究集团关联度——特别是关联度、股权结构和集团银行的存在——对企业具体信息含量的影响。结果显示,当公司是集团附属(无关联),间接(直接)拥有,以及附属集团有(没有)集团银行时,公司特定信息资本化到股票价格的数量往往更低(更高)。此外,群体归属程度与同步性保持着非线性关系,这表明对较高和较低群体所有权水平的感知是不同的。
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来源期刊
Financial Markets, Institutions and Instruments
Financial Markets, Institutions and Instruments Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
1.80
自引率
0.00%
发文量
17
期刊介绍: Financial Markets, Institutions and Instruments bridges the gap between the academic and professional finance communities. With contributions from leading academics, as well as practitioners from organizations such as the SEC and the Federal Reserve, the journal is equally relevant to both groups. Each issue is devoted to a single topic, which is examined in depth, and a special fifth issue is published annually highlighting the most significant developments in money and banking, derivative securities, corporate finance, and fixed-income securities.
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