| 题名 | Stepping stone or stumbling block? The effect of stock index inclusions on firm performance |
| 作者 | |
| 通讯作者 | Li, Zhongfei |
| 发表日期 | 2023-10-01
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| DOI | |
| 发表期刊 | |
| ISSN | 1350-4851
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| EISSN | 1466-4291
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| 摘要 | China's stock market has many stock indexes that provide performance benchmarks of listed companies. Employing the staggered difference-in-differences (DID) method, this study examines the effect of inclusions in stock index on firm operation and performance. We confirm that inclusions in the CSI 500 significantly decrease firm performance and the results are robust across several tests. We provide direct evidence of a channel through which inclusion affects firm performance; specifically, we find that stock price informativeness experiences a significant decrease after inclusion in an index. Further, we find that the effect of stock index inclusions is also significant for firms in developed markets. Overall, these results shed light on the effect of stock index inclusions on a firm's real operation. |
| 关键词 | |
| 相关链接 | [来源记录] |
| 收录类别 | |
| 语种 | 英语
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| 学校署名 | 通讯
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| 资助项目 | National Natural Science Foundation of China["71721001","71991474"]
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| WOS研究方向 | Business & Economics
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| WOS类目 | Economics
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| WOS记录号 | WOS:001091502100001
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| 出版者 | |
| ESI学科分类 | ECONOMICS BUSINESS
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| 来源库 | Web of Science
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| 引用统计 | |
| 成果类型 | 期刊论文 |
| 条目标识符 | http://sustech.caswiz.com/handle/2SGJ60CL/582798 |
| 专题 | 商学院_金融系 |
| 作者单位 | 1.Sun Yat Sen Univ, Sch Business, Guangzhou, Peoples R China 2.Sun Yat Sen Univ, Ctr Financial Engn & Risk Management, Guangzhou, Peoples R China 3.Southern Univ Sci & Technol, Dept Finance, Shenzhen, Peoples R China 4.Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Peoples R China 5.Southern Univ Sci & Technol, Dept Finance, 1088 Xueyuan Ave, Shenzhen, Guangdong, Peoples R China |
| 通讯作者单位 | 金融系 |
| 推荐引用方式 GB/T 7714 |
Bai, Tianyu,Li, Zhongfei,Lin, Yuanjing,et al. Stepping stone or stumbling block? The effect of stock index inclusions on firm performance[J]. APPLIED ECONOMICS LETTERS,2023.
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| APA |
Bai, Tianyu,Li, Zhongfei,Lin, Yuanjing,&Liu, Haiping.(2023).Stepping stone or stumbling block? The effect of stock index inclusions on firm performance.APPLIED ECONOMICS LETTERS.
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| MLA |
Bai, Tianyu,et al."Stepping stone or stumbling block? The effect of stock index inclusions on firm performance".APPLIED ECONOMICS LETTERS (2023).
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| 条目包含的文件 | 条目无相关文件。 | |||||
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