Annual Report Readability and Opportunistic Insider Selling—Evidence from China

Yin, Zhujia; Sheng, Yijie; Liu, Xinheng; Yang, Xiaoguang

doi:10.1080/1540496x.2023.2295001

Cited by 2 publications

(1 citation statement)

References 66 publications

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“…Therefore, we can further extend the analysis to examine the impact of internet searching on corporate financial behavior, shareholder actions, and stock systemic risk. As these aspects are crucial for both the businesses of firms and their value [47][48][49][50]. Lastly, our study concentrates on the role of internet searching in stock price informativeness without fully considering both direct and indirect effects.…”

Section: Limitations and Future Researchmentioning

confidence: 99%

Internet searching and stock price informativeness: Evidence from Google withdrawal in China

Li,

Liu

2024

PLoS ONE

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We analyze whether and how internet searching impacts stock price informativeness. Using the 2010 Google withdrawal in China as a quasi-natural experiment, we establish a causal effect between internet searching and stock price informativeness using a difference-in-difference framework. We find that firms with higher Google search volume experience a 10% decrease in stock price informativeness after the Google withdrawal. The negative effect of the Google withdrawal on stock price informativeness is pronounced in firms with more retail investors, larger state-ownership, and poor analysts’ earnings forecasts. Our results suggest that retail investors can benefit from internet searching to collect and process firm-specific information more efficiently.

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Section: Limitations and Future Researchmentioning

confidence: 99%

Internet searching and stock price informativeness: Evidence from Google withdrawal in China

Li,

Liu

2024

PLoS ONE

Self Cite

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Better or worse? Revealing the impact of common institutional ownership on annual report readability

Jiang,

Hu,

Wang

2024

Humanit Soc Sci Commun

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Based on the data on Chinese listed companies over the period from 2007–2021, the relationship between common institutional ownership (CIO) and annual report readability (ARR) is revealed in this paper. The results show that CIO reduces ARR. After a series of robustness tests, this conclusion continues to hold. Further analyses indicate that in situations where analyst attention, industry concentration, and media coverage are high, the above negative relationship is more significant. In addition, operational risks play a mediating role between CIO and ARR. This study enriches the evidence supporting the collusive manipulation effect of CIO.

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Annual Report Readability and Opportunistic Insider Selling—Evidence from China

Cited by 2 publications

References 66 publications

Internet searching and stock price informativeness: Evidence from Google withdrawal in China

Internet searching and stock price informativeness: Evidence from Google withdrawal in China

Better or worse? Revealing the impact of common institutional ownership on annual report readability

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