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Does the online interaction between retail investors and firms affect stock price synchronicity?
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DOI：10.1016/j.frl.2024.106201.png)
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Abstract
En 中文
Using data from Chinese listed companies from 2010 to 2022, we examine the effect of online interactive platforms on stock price synchronicity. We find that investor-firm interactions increase stock price synchronicity. These results are robust to endogeneity checks. Our mechanism analysis suggests that information asymmetry accounts for this effect. This effect is more pronounced for firms with fewer institutional investors and those facing periods of heightened economic policy uncertainty.
Keywords:
Retail investor
Online interaction platforms
Stock price synchronicity
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