Hao, Xiaomin; Wang, Yonghai - In: China journal of accounting research : CJAR 14 (2021) 4, pp. 1-25
comment letters (ARCLs) on firm stock price synchronicity. We find that after firms receive ARCLs, their stock price … synchronicity decreases. Moreover, the longer the ARCLs and the more negative the ARCLs' tone, the lower the resulting stock price … quality, external media attention increases, and the firms' governance improves, reducing their stock price synchronicity …