Leverage structure and stock price synchronicity: Evidence from China
में बचाया:
| में प्रकाशित: | PLoS One vol. 15, no. 7 (Jul 2020), p. e0235349 |
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| मुख्य लेखक: | |
| अन्य लेखक: | |
| प्रकाशित: |
Public Library of Science
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| विषय: | |
| ऑनलाइन पहुंच: | Citation/Abstract Full Text Full Text - PDF |
| टैग: |
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| 001 | 2419349331 | ||
| 003 | UK-CbPIL | ||
| 022 | |a 1932-6203 | ||
| 024 | 7 | |a 10.1371/journal.pone.0235349 |2 doi | |
| 035 | |a 2419349331 | ||
| 045 | 2 | |b d20200701 |b d20200731 | |
| 084 | |a 174835 |2 nlm | ||
| 100 | 1 | |a Zhang, Xiang | |
| 245 | 1 | |a Leverage structure and stock price synchronicity: Evidence from China | |
| 260 | |b Public Library of Science |c Jul 2020 | ||
| 513 | |a Journal Article | ||
| 520 | 3 | |a This paper investigate the impact of leverage structure on stock price synchronicity. To better understand the mechanism of the impact of leverage, we break leverage into operating leverage and financing leverage. This breakdown reveals the impact of different component of leverage. Moreover, in this paper, we employ the quantile regression model to investigate the impact of leverage on different level of stock price synchronicity, which provides us a more comprehensive picture. Our empirical results show, operating and financing leverage have negative impact on stock price synchronicity. Moreover, the higher the stock price synchronicity becomes, the higher this impact is. Furthermore, the marginal effect of financing leverage will be attenuated as the profitability of firms becomes higher, but the interaction effect doesn’t exist for operating leverage. On the contrary, the marginal effect of financing leverage will be enhanced as the market capitalization of firms becomes larger, again, it doesn’t exist for operating leverage. Finally, as firms are state-owned, the marginal effect of both operating and financing leverage will be higher. | |
| 651 | 4 | |a China | |
| 653 | |a Studies | ||
| 653 | |a Regression models | ||
| 653 | |a Variables | ||
| 653 | |a Economics | ||
| 653 | |a Profitability | ||
| 653 | |a Financing | ||
| 653 | |a Stock exchanges | ||
| 653 | |a Finance | ||
| 653 | |a Arbitrage | ||
| 653 | |a Institutional investments | ||
| 653 | |a Operating leverage | ||
| 653 | |a Securities markets | ||
| 653 | |a Volatility | ||
| 653 | |a Risk premiums | ||
| 653 | |a Economic | ||
| 700 | 1 | |a Zhou, Han | |
| 773 | 0 | |t PLoS One |g vol. 15, no. 7 (Jul 2020), p. e0235349 | |
| 786 | 0 | |d ProQuest |t Health & Medical Collection | |
| 856 | 4 | 1 | |3 Citation/Abstract |u https://www.proquest.com/docview/2419349331/abstract/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text |u https://www.proquest.com/docview/2419349331/fulltext/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text - PDF |u https://www.proquest.com/docview/2419349331/fulltextPDF/embedded/7BTGNMKEMPT1V9Z2?source=fedsrch |