The synchronicity of newly listed US companies

• 영문명: The synchronicity of newly listed US companies
• 발행기관: 국제지역학회
• 저자명: 최성호(Sungho Choi)
• 간행물 정보: 『국제지역연구』제19권 제4호, 127~149쪽, 전체 23쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2015.12.30

영문 초록

This paper investigates the evolution of stock price synchronicity following the commencement of trading using a comprehensive data set of IPO companies. Specifically, we examine how stock price synchronicity, defined as the portion of a firm’s stock return variation explained by market and industry returns to firm-specific information, evolves over the first six years of being public. Our analysis indicates some interesting results. First, we find a U-shape curve of stock price synchronicity as companies go through their first few years of being publicly traded. Second, this shape is affected by the activities of analysts, insiders, and institutional investors. Third, we find a negative effect of analyst coverage, a positive effect of insider trading activities, a positive effect of institutional investor activities, and a negative effect of the number of institutional investors on the level of firm specific return variation. Taken all together our findings suggest that analysts are adding more industry and market level information while insiders and institutional investors to a lesser extent, convey more firm specific information to the market participants.

목차

Ⅰ. Introduction

Ⅱ. Previous research work

Ⅲ. Information dissemination activities and firmspecific information of IPO companie

Ⅳ. Measuring firm-specific information, Data, and Methodology

Ⅴ. Empirical results

Ⅵ. CONCLUSIONS

Reference

키워드

Stock Price Synchronicity IPO Analysts Insiders Institutional Investors