| 题名 | Does express delivery run ahead of stock price? |
| 作者 | |
| 通讯作者 | Chang, Jeffery (Jinfan) |
| 发表日期 | 2024-06-01
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| DOI | |
| 发表期刊 | |
| ISSN | 1572-3097
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| EISSN | 1573-692X
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| 摘要 | We study the role of logistics information in the stock price discovery process. Using a proprietary dataset on parcel-level express delivery service records from one of the largest express service providers in China, we find that express delivery contains firm-specific information for stock pricing. A long/short portfolio of buying (selling) stocks with high (low) quarterly growth in the number of parcels sent by firms generates an 8.23 percent risk-adjusted annual return. The return predictability is more significantly driven by document, light, and business-to-business parcels, which reflects the intensity of a firm's overall operations (rather than just sales growth), and by parcels sent to new addresses, which represents new business expansion. Echoing this return predictability, parcel growth also predicts firm growth, profitability, and earnings surprises. Finally, we provide evidence on return predictability associated with topology of logistic network identified by parcel delivery data. |
| 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 | 其他
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| WOS研究方向 | Business & Economics
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| WOS类目 | Business, Finance
; Economics
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| WOS记录号 | WOS:001258224000001
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| 出版者 | |
| 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/787174 |
| 专题 | 南方科技大学 |
| 作者单位 | 1.Chinese Univ Hong Kong, Sch Management & Econ, 2001 Longxiang Blvd, Shenzhen 518172, Peoples R China 2.Chinese Univ Hong Kong, Shenzhen Finance Inst, Shenzhen CUHK Shenzhen, 2001 Longxiang Blvd, Shenzhen 518172, Peoples R China 3.Southern Univ Sci & Technol, SUSTech Business Sch, Shenzhen 518055, Peoples R China |
| 推荐引用方式 GB/T 7714 |
Chang, Jeffery ,Yang, Shijie,Zhang, Bohui. Does express delivery run ahead of stock price?[J]. REVIEW OF FINANCE,2024.
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| APA |
Chang, Jeffery ,Yang, Shijie,&Zhang, Bohui.(2024).Does express delivery run ahead of stock price?.REVIEW OF FINANCE.
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| MLA |
Chang, Jeffery ,et al."Does express delivery run ahead of stock price?".REVIEW OF FINANCE (2024).
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| 条目包含的文件 | 条目无相关文件。 | |||||
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