所属栏目:资本市场/市场有效性

Network Centrality and Market Information Efficiency: Evidence from Corporate Site Visits in China
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发布日期:2025年10月21日 上次修订日期:2025年10月21日

摘要

Utilizing a unique data set of corporate site visits to Chinese capital market from 2013 to 2022, this study provides new evidence on the economic benefits brought by corporate site visits from a social network perspective. Specifically, we examine that whether information transmission through network of corporate site visits. Our results show that network centrality is positively associated with market information efficiency. This positive effect is robust and remains valid after a battery of robustness checks and endogeneity analyses, which verify the existence of information interaction in the network of corporate site visits. Furthermore, we find evidence that network of company visits positively influence market information efficiency through lowering information asymmetry between investors and listed firms rather than the “irrational factor” mechanism. In brief, our paper contributes to the existing research by presenting evidence that corporate site visits are significant venues for investors to gain and exchange information about listed companies.
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Youtao Xiang; Sumuya Borjigin Network Centrality and Market Information Efficiency: Evidence from Corporate Site Visits in China (2025年10月21日) https://www.cfrn.com.cn/lw/16405.html

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