详情
How Board Secretaries Affect Pricing Efficiency?
As an emerging market, China's capital market is still developing, and stock mispricing due to information asymmetry is common. As the primary spokesperson for information disclosure, the Board Secretary plays a pivotal role in mitigating this issue. This study examines the impact of Board Secretary shareholding on stock mispricing using a sample of Chinese A-share listed companies from 2010 to 2020. The findings show that shareholding significantly reduces mispricing. This effect is more pronounced in firms with lower media attention, suggesting it compensates for weak external monitoring. Furthermore, the reduction is primarily achieved by improving the quality of analyst forecasts. This research provides insights into mitigating mispricing and optimizing the governance of Board Secretaries.