A股纳入摩根士丹利公司新兴市场指数(又称A股入摩)的成功是我国资本市场对外开放的大事件。本文基于分析师关注视角,考察A股入摩的市场反应及其信息治理效应。研究发现:A股入摩会吸引更多投资者进入,引起标的股市场反应表现为正;从长期而言,分析师关注程度越高的企业,其股票回报高于分析师关注程度低的企业,即A股入摩的信息治理效应主要表现为“厚积薄发”;进一步研究表明,与非国有企业相比,A股入摩的信息治理效应在国有企业中表现得更为显著,在非“四大”审计分组与市场化进程滞后组中,A股入摩的信息治理效应在国有企业样本中的表现更为显著。
A股入摩的信息治理效应:立竿见影还是厚积薄发?
摘要
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引用本文
冯天楚, 邱保印. A股入摩的信息治理效应:立竿见影还是厚积薄发?[J]. 外国经济与管理, 2020, 42(4): 80-93.
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