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Corporate governance and the information environment: evidence from Chinese stock markets

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Corporate governance and the information environment : evidence from Chinese stock markets. / Hass, Lars Helge; Vergauwe, Skralan; Zhang, Qiyu.

In: International Review of Financial Analysis, Vol. 36, 12.2014, p. 106-119.

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@article{dfbc61a8650240bdbdad4478e13e0155,
title = "Corporate governance and the information environment: evidence from Chinese stock markets",
abstract = "This article explores the relationship between corporate governance and the information environment in Chinese stock markets. We construct a parsimonious governance measure for public firms using a 2003 through 2011 sample period. We use four indicators to proxy for the information environment: analyst following, analyst forecast accuracy, analyst forecast dispersion, and price timeliness. We find that better governed firms tend to be associated with larger analyst followings and more informative forecasts. We also find that better governed firms tend to improve on the timeliness of bad news relative to good news.",
keywords = "Corporate governance, Information environment , Chinese stock markets",
author = "Hass, {Lars Helge} and Skralan Vergauwe and Qiyu Zhang",
year = "2014",
month = dec
doi = "10.1016/j.irfa.2014.03.010",
language = "English",
volume = "36",
pages = "106--119",
journal = "International Review of Financial Analysis",
issn = "1057-5219",
publisher = "Elsevier Inc.",

}

RIS

TY - JOUR

T1 - Corporate governance and the information environment

T2 - evidence from Chinese stock markets

AU - Hass, Lars Helge

AU - Vergauwe, Skralan

AU - Zhang, Qiyu

PY - 2014/12

Y1 - 2014/12

N2 - This article explores the relationship between corporate governance and the information environment in Chinese stock markets. We construct a parsimonious governance measure for public firms using a 2003 through 2011 sample period. We use four indicators to proxy for the information environment: analyst following, analyst forecast accuracy, analyst forecast dispersion, and price timeliness. We find that better governed firms tend to be associated with larger analyst followings and more informative forecasts. We also find that better governed firms tend to improve on the timeliness of bad news relative to good news.

AB - This article explores the relationship between corporate governance and the information environment in Chinese stock markets. We construct a parsimonious governance measure for public firms using a 2003 through 2011 sample period. We use four indicators to proxy for the information environment: analyst following, analyst forecast accuracy, analyst forecast dispersion, and price timeliness. We find that better governed firms tend to be associated with larger analyst followings and more informative forecasts. We also find that better governed firms tend to improve on the timeliness of bad news relative to good news.

KW - Corporate governance

KW - Information environment

KW - Chinese stock markets

U2 - 10.1016/j.irfa.2014.03.010

DO - 10.1016/j.irfa.2014.03.010

M3 - Journal article

VL - 36

SP - 106

EP - 119

JO - International Review of Financial Analysis

JF - International Review of Financial Analysis

SN - 1057-5219

ER -