On the Infonnational Transparency, Institutional Investors and Stock Price Comovement
利用中国股市数据，研究发现股价同步性与公司信息透明度正相关，而机构持股能减弱这种正相关，表明股价同步性反映信息效率且机构投资者能提升市场信息效率。
The paper examines the relationship between stock price comovement and information transparency u- sing the data from Chinese stock market The authors find that the stock price comovement is positively correla- ted with the firm's information transparency, and the institutional ownership of the equity can reduce this posi- tive correlation. These findings are consistent with the argument that stock price comovement positivjely repre- sents information efficiency and that institutional investors can improve the stock market information efficiency.