Affiliation:
1. Shantou University, Guangdong, China
2. Hangzhou Dianzi University, Zhejiang, China
3. Krirk University, Bangkok, Thailand
Abstract
This study examines the association between the pricing efficiency of individual shares during the post-period and the pre-period of renames, substantive renames, and those with non-substantive renames. Based on a sample of 567 firms in the Chinese A-share market, this study finds that the pricing efficiency of individual shares is significantly higher during the post-period than during the pre-period of a renaming announcement. Moreover, the results are robust to controls. In addition, the results are consistent with the argument that the firms experiencing substantive renames are more inclined to involve the firm-specific information content. JEL classification: M41, G32, G12, G34, M21
Funder
Zhejiang Office of Philosophy and Social Science
Subject
General Social Sciences,General Arts and Humanities