投资者的现场访问是否提高了资本市场定价效率?
Nian Li1, Runsen Yuan1, Muhammad Asif Khan2
1School of Economics and Management, Yanshan University, 066004, Qinhuangdao, Heibei Province, China.
Heliyon
|September 4, 2023
概括
投资者现场访问通过允许访问私人信息来提高资本市场定价效率,从而导致更准确的股价. 这项研究分析了深证券交易所2009-2022年的数据.
科学领域:
- 金融 金融 金融 金融 金融
- 市场效率 市场效率
- 信息不对称性是一种信息不对称性.
背景情况:
- 资本市场定价效率对于资源分配至关重要.
- 投资者现场访问是收集信息的常见做法.
- 了解这些访问对定价效率的影响至关重要.
研究的目的:
- 实证地研究投资者现场访问对资本市场定价效率的影响.
- 探索通过网站访问影响定价的潜在机制.
- 检查投资者在现场访问后的交易行为.
主要方法:
- 利用了深证券交易所上市公司 (2009-2022) 的数据.
- 采用计量经济学模型来测试现场访问与股票价格同步之间的关系.
- 进行了稳定性检查,包括替代变量,样本,规格,并解决了内源性.
主要成果:
- 投资者现场访问显著降低了股票价格同步性,表明提高了定价效率.
- 现场访问有助于投资者获取私人增量信息.
- 投资者在访问后进行套利交易,但并没有显著地扣押行业级信息.
结论:
- 投资者现场访问对资本市场定价效率产生积极影响.
- 该机制涉及获取私人信息和随后的交易行为.
- 调查结果有助于理解信息传播和市场效率.
更多相关视频
05:33Measuring Biophysical and Psychological Stress Levels Following Visitation to Three Locations with Differing Levels of Nature
Published on: June 19, 2019
8.5K
08:24The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
Published on: August 25, 2023
757
相关概念视频
Factorial Design
13.1K
Factorial Analysis is an experimental design that applies Analysis of Variance (ANOVA) statistical procedures to examine a change in a dependent variable due to more than one independent variable, also known as factors. Changes in worker productivity can be reasoned, for example, to be influenced by salary and other conditions, such as skill level. One way to test this hypothesis is by categorizing salary into three levels (low, moderate, and high) and skills sets into two levels (entry level...
13.1K
Factors Affecting Activity Coefficient
826
The extended Debye-Hückel equation indicates that the activity coefficient of an ion in an aqueous solution at 25°C depends on three partially interdependent properties: the ionic strength of the solution, the charge of the ion, and the ion size.
The activity coefficient value for an ion is close to one when the solution has almost zero ionic strength, i.e., when the solution shows close to ideal behavior. As the ionic strength of the solution increases from 0 to 0.1 mol/L, a...
The activity coefficient value for an ion is close to one when the solution has almost zero ionic strength, i.e., when the solution shows close to ideal behavior. As the ionic strength of the solution increases from 0 to 0.1 mol/L, a...
826
Column Efficiency: Rate Theory
373
The rate theory of chromatography provides quantitative insight into the shapes and widths of elution bands. These bands are based on the random-walk mechanism governing molecular migration within a column. The Gaussian profile of chromatographic bands arises from the cumulative effect of random molecular motions as they progress through the column.
During elution, a solute molecule experiences numerous transitions between stationary and mobile phases, exhibiting irregular residence times in...
During elution, a solute molecule experiences numerous transitions between stationary and mobile phases, exhibiting irregular residence times in...
373
Econometric Views (EViews)
169
Econometric Views, often stylized as EViews, is a package that merges statistical analysis with econometric studies. It is designed to provide tools for time series analysis, forecasting, and econometric model simulation. The software originated from MicroTSP software and has evolved significantly since its inception in 1981. The history of EViews is marked by a continuous effort to enhance its computational speed and user interface. It was initially developed for large computing systems but...
169
The Availability Heuristic
6.0K
A heuristic is a general problem-solving framework (Tversky & Kahneman, 1974). You can think of these as mental shortcuts that are used to solve problems. Different types of heuristics are used in different types of situations, and the impulse to use a heuristic occurs when one of five conditions is met (Pratkanis, 1989):
6.0K
Production Efficiency
16.9K
Net production efficiency (NPE) is the efficiency at which organisms assimilate energy into biomass for the next trophic level. Due to low metabolic rates and less energy spent on thermoregulatory processes, the NPE of ectotherms (cold-blooded animals) is 10 times higher than endotherms (warm-blooded animals).
16.9K
