A Blessing or a Curse? The Impact of Financial Liberalization on Stock Price Informativeness
Authors
Qing-Qing Zheng, Li-Yan Han, Li-Bo Yin
Corresponding Author
Li-Yan Han
Available Online July 2019.
- DOI
- 10.2991/icmesd-19.2019.41How to use a DOI?
- Keywords
- Financial liberalization, Foreign institutional investors, Informativeness.
- Abstract
This paper assesses the extent to which an emerging economy can benefit from financial liberalization. We exploit the openness of capital markets to foreign institutional investors in China as a natural experiment generating exogenous shocks to China’s securities markets. We provide evidence that foreign institutional investors’ shareholdings contribute to stock price informativeness. In contrast, domestic institutional investors have the opposite effect.
- Copyright
- © 2019, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Qing-Qing Zheng AU - Li-Yan Han AU - Li-Bo Yin PY - 2019/07 DA - 2019/07 TI - A Blessing or a Curse? The Impact of Financial Liberalization on Stock Price Informativeness BT - Proceedings of the 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019) PB - Atlantis Press SP - 280 EP - 283 SN - 2352-5428 UR - https://doi.org/10.2991/icmesd-19.2019.41 DO - 10.2991/icmesd-19.2019.41 ID - Zheng2019/07 ER -