英文标题：
《Cross-shareholding networks and stock price synchronicity: Evidence from
China》
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作者：
Fenghua Wen (CSU), Yujie Yuan (CSU), Wei-Xing Zhou (ECUST)
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最新提交年份：
2019
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英文摘要：
This paper investigates the effect of cross-shareholding on stock price synchronicity, as a measure of price informativeness, of the listed firms in the Chinese stock market. We gauge firms\' levels of cross-shareholdings in terms of centrality in the cross-shareholding network. It is confirmed that it is through a noise-reducing process that cross-shareholding promotes price synchronicity and reduces price delay. More importantly, this effect on price informativeness is pronounced for large firms and in the periods of market downturns. Overall, our analyses provide insights into the relation between the ownership structure and price informativeness.
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中文摘要：
本文研究了交叉持股对中国股市上市公司股价同步性的影响，作为衡量股价信息性的一个指标。我们根据交叉持股网络的中心地位来衡量公司的交叉持股水平。经证实，交叉持股正是通过一个降噪过程促进了价格同步性，减少了价格延迟。更重要的是，这种对价格信息性的影响在大公司和市场低迷时期尤为明显。总的来说，我们的分析提供了对所有权结构和价格信息之间关系的见解。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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