Abstract:
This paper examines the impact of supply chain information on 2007-2012 Chinese-listed firms’ information environment, measured by stock price synchronicity. We find that disclosing large customers’ identities provides an important channel for investors to learn about the firm, which leads to a lower stock price synchronicity in disclosing firms. However, firms with disclosed customers being publicly listed are associated with higher stock price synchronicity than those with customers not publicly listed. We conjecture and find that it is driven by more low-cost and public available information sharing among industry level. Moreover, the effect is stronger when the customers are more concentrated, followed by more analysts, and have greater industry influence. The overall results show that the disclosure of customer information provides an extra channel for investors and improves information environment of capital market.
李丹, 王丹. 供应链客户信息对公司信息环境的影响研究——基于股价同步性的分析[J]. 金融研究, 2016, 438(12): 191-206.
LI Dan, WANG Dan. The Impact of Supply Chain Customer Information on Firm’s Information Environment. Journal of Financial Research, 2016, 438(12): 191-206.
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