Bank ownership concentration and stock price informativeness: International evidence
研究了全球59个国家2002-2019年银行所有权集中度与股价信息含量的关系，发现线性模型支持壕沟效应，非线性模型呈U型曲线，且监管环境差或发展中国家的银行股价信息含量波动更大。
Abstract This paper examines the relation between ownership concentration and stock price informativeness around the world. Using a sample of banks from 59 countries between 2002 and 2019, we find robust evidence from a linear model supporting the entrenchment effect. However, the nonlinear model shows that the effect of control rights on the informativeness of stock prices forms a U‐shaped curve. We also document that banks with controlling shareholders have more volatility in the information content of bank stock prices in a poor regulatory environment or developing countries.