Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares
Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares
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股票流动性与盈利定价：中国流通股与非流通股的比较
DOI：
10.2753/ree1540-496x5003s308
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发表时间：
2013-10
期刊：
影响因子：
--
通讯作者：
Yuan Hongqi
中科院分区：
文献类型：
--
作者：
Lou Fang;Wang JIWEI;Yuan Hongqi
The reform aimed at converting nonfloating shares to floating shares in China provides a setting in which shares are subject to different levels of liquidity constraints. We show that the severity of these constraints is inversely related to the extent to which earnings information is reflected in share prices. Specifically, before the reform, transfer prices of nonfloating shares reflect much less earnings information than the market prices of floating shares. After the reform, however, transfer prices of nonfloating shares reflect more earnings information, although the weights are still less than those found in market prices. Thus, China's unique setting shows that share liquidity affects the way earnings are priced in stock.
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DOI：
--
发表时间：
2005-04
期刊：
--
影响因子：
--
作者：
S. Feldman
通讯作者：
S. Feldman
影响因子：
4
作者：
Tzu-Yun Tseng
通讯作者：
Tzu-Yun Tseng
影响因子：
3.9
作者：
M. Firth;Chen Lin;H. Zou
通讯作者：
M. Firth;Chen Lin;H. Zou
影响因子：
8
作者：
F. Longstaff
通讯作者：
F. Longstaff
DOI：
10.2308/accr.2005.80.2.613
发表时间：
2005-04
期刊：
The Accounting Review
影响因子：
--
作者：
John R. M. Hand
通讯作者：
John R. M. Hand