Does preventive regulation reduce stock price synchronicity? Evidence from Chinese annual report comment letters
Tài liệu tham khảo
Anantharaman, D., He, L., 2016. Regulatory scrutiny and reporting of internal control deficiencies: Evidence from the SEC comment letters. Working Paper.
Ballestero, R., Schmidt, J.J., 2019. Does auditor involvement expedite SEC comment letter resolution? Working Paper.
Bens, 2016, The impact of SEC disclosure monitoring on the uncertainty of fair value estimates, Account. Rev., 91, 349, 10.2308/accr-51248
Bian, S., Jia, D., Li, F., Yan, Z., 2019. A new Chinese financial sentiment dictionary for textual analysis in accounting and finance. Working Paper.
Bourveau, 2018, Shareholder litigation and corporate disclosure: Evidence from derivative lawsuits, J. Account. Res., 56, 797, 10.1111/1475-679X.12191
Bozanic, 2017, SEC comment letters and firm disclosure, J. Account. Public. Pol., 36, 337, 10.1016/j.jaccpubpol.2017.07.004
Bushman, 2004, What determines corporate transparency?, J. Account. Res., 42, 207, 10.1111/j.1475-679X.2004.00136.x
Cassell, 2019, The readability of company responses to SEC comment letters and SEC 10-K filing review outcomes, Rev. Acc. Stud., 24, 1252, 10.1007/s11142-019-09507-x
Cassell, 2013, Reviewing the SEC’s review process: 10-K comment letters and the cost of remediation, Account. Rev., 88, 1875, 10.2308/accr-50538
Chen, 2018, Will government behavior definitely increase stock price synchronicity? Empirical evidence from China’s industrial policies, Econ. Res. J., 53, 112
Chen, 2018, Political uncertainty and firms’ information environment: Evidence from China, J. Account. Public. Pol., 37, 39, 10.1016/j.jaccpubpol.2018.01.005
Chen, 2018, Can non-administrative penalty regulation improve audit quality? Evidence from inquiry letters, J. Audit, 5, 82
Chen, 2018, Does the non-penalty regulation have information content? Evidence from inquiry letters, J. Financ. Res., 4, 155
Chen, 2019, Effectiveness of the front-line regulation of the Chinese stock exchanges: Evidence from comment letters, Manage. World, 35, 169
Deng, 2020, Front-line regulation of stock exchanges and top management turnover: Evidence based on inquiry letters, Manage. Rev., 32, 194
Duro, 2019, The effect of enforcement transparency: Evidence from SEC comment-letter reviews, Rev. Acc. Stud., 24, 780, 10.1007/s11142-019-09503-1
Fama, 1970, Efficient capital markets: A review of theory and empirical work, J. Financ, 25, 383, 10.2307/2325486
Fang, 2017, Imperfect accounting and reporting bias, J. Account. Res., 55, 919, 10.1111/1475-679X.12170
Fishman, 1992, Insider trading and the efficiency of stock prices, RAND J. Econo., 106, 10.2307/2555435
Gietzmann, 2014, External auditor reassessment of client business risk following the issuance of a comment letter by the SEC, Eur. Account. Rev., 23, 57, 10.1080/09638180.2013.774703
Grossman, 1980, On the impossibility of informationally efficient markets, Am. Econ. Rev., 70, 393
Gu, 2016, Do external enforcement actions have a governance effect? Discussion on the duality of stock price synchronicity indicators, Nankai Bus. Rev., 19, 41
Gul, 2010, Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China, J. Finan. Econ., 95, 425, 10.1016/j.jfineco.2009.11.005
Guo, 2018, Has the Shanghai-Hong Kong Stock Connect reduced the risk of stock price crash? An empirical study based on the DID model, J. Shanxi U. Financ. Econ., 40, 30
Heckman, 1979, Sample selection bias as a specification error, Economet: J. Economet. Soc., 47, 153, 10.2307/1912352
Huang, 2014, News media coverage and capital market pricing efficiency: An analysis based on stock price synchronicity, Manage. World, 5, 121
Huang, 2014, Tone management, Account. Rev., 89, 1083, 10.2308/accr-50684
Hutton, 2009, Opaque financial reports, R2, and crash risk, J. Finan. Econ., 94, 67, 10.1016/j.jfineco.2008.10.003
Jiang, 2019, Analysts’ information acquisition and stock price synchronicity: A regulatory perspective from China, Account. Horiz., 33, 153, 10.2308/acch-52259
Jin, 2006, R2 around the world: New theory and new tests, J. Finan. Econ., 79, 257, 10.1016/j.jfineco.2004.11.003
Johnston, 2017, Regulatory oversight of financial reporting: Securities and Exchange Commission comment letters, Contemp. Account. Res., 34, 1128, 10.1111/1911-3846.12297
Karamanou, 2005, The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis, J. Account. Res., 43, 453, 10.1111/j.1475-679X.2005.00177.x
Kim, 2019, Readability of 10-K reports and stock price crash risk, Contemp. Account. Res., 36, 1184, 10.1111/1911-3846.12452
Kim, 2021, The effect of trade secrets law on stock price synchronicity: Evidence from the inevitable disclosure doctrine, Account. Rev., 96, 325, 10.2308/tar-2017-0425
Krishnaswami, 1999, Information asymmetry, valuation, and the corporate spin-off decision, J. Finan. Econ., 53, 73, 10.1016/S0304-405X(99)00017-3
La Porta, 2006, What works in securities laws, J. Financ., 61, 1, 10.1111/j.1540-6261.2006.00828.x
Leuz, 2016, The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research, J. Account. Res., 54, 525, 10.1111/1475-679X.12115
Li, 2014, R2 and idiosyncratic risk are not interchangeable, Account. Rev., 89, 2261, 10.2308/accr-50826
Li, 2019, Stock exchange comment letters and management earnings forecast, Manage. World, 35, 173
Li, 2018, Trade secrets law and corporate disclosure: Causal evidence on the proprietary cost hypothesis, J. Account. Res., 56, 265, 10.1111/1475-679X.12187
Meng, 2019, Short selling, capital market pressure and corporate strategic choice, China Ind. Econ., 8, 155
Morck, 2000, The information content of stock markets: Why do emerging markets have synchronous stock price movements?, J. Finan. Econ., 58, 215, 10.1016/S0304-405X(00)00071-4
Nie, 2019, Inquiry letters supervision and tunneling of controlling shareholders: Evidence from the Shanghai and Shenzhen Stock Exchanges’ annual report inquiry, J. Audit Econ., 34, 91
Piotroski, 2004, The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices, Account. Rev., 79, 1119, 10.2308/accr.2004.79.4.1119
Shi, 2014, Research on the effect of the XBRL financial report based on the perspective of stock price synchronicity, Account. Res., 3, 3
Stigler, 1971, The theory of economic regulation, Bell J. Econ. Manage. Sci., 2, 3, 10.2307/3003160
Sun, 2019, Can flexible tax enforcement ease corporate financing constraints? Evidence from a natural experiment on tax-paying credit rating disclosure, China Ind. Econ., 3, 81
Wang, 2016, Determinants of segment disclosure deficiencies and the effect of the SEC comment letter process, J. Account. Public. Pol., 35, 109, 10.1016/j.jaccpubpol.2015.11.005
Wang, 2012, Does earnings preview information have an impact on analysts’ forecasting behaviour?, J. Financ. Res., 6, 193
Wen, 2014, Analyses of mediating effects: Development of methods and models, Adv. Psych. Sci., 22, 731, 10.3724/SP.J.1042.2014.00731
West, 1988, Dividend innovations and stock price volatility, Econometrica, 56, 37, 10.2307/1911841
Xu, 2013, Do star analysts know more firm-specific information? Evidence from China, J. Bank. Financ., 37, 89, 10.1016/j.jbankfin.2012.08.014
Yan, 2018, Information and monitoring role of media coverage: Evidence from earnings relevance of listed firms, Foreign Econ. Manage., 40, 99
Yang, 2018, Chinese media, news characteristics and information efficiency of the capital market, J. Financ. Econ., 44, 109
Yin, 2019, Could analysts reduce stock price synchronicity? A textual analysis based on analyst reports, China Ind. Econ., 1, 156
Zhang, 2018, Does preventive regulation mitigate stock price crash risk? Evidence from comment letters, J. Manage. Sci. China, 21, 112
Zhang, 2014, Business complexity, industry expertise of independent directors and stock price synchronicity, Account. Res., 7, 36
Zhong, 2018, Transparency and firm innovation, J. Account. Econ., 66, 67, 10.1016/j.jacceco.2018.02.001
Zhong, 2018, Can market liberalization improve stock price informativeness? Evidence from the Shanghai-Hong Kong Stock Connect, Manage. World, 34, 169
Zhu, 2019, The Belt and Road Initiative and the information efficiency of capital markets, Bus. Manage. J., 41, 38