Using rumor verification data from investor interactive platforms, we investigate the effect of stock market rumors on price efficiency. We find favorable rumors are positively correlated with stock price synchronicity, while unfavorable rumors are negatively correlated with stock price...

In digital economy, firm’s digital transformation is an important means of achieving high-quality development. Adopting career concerns theory, we examine rookie CEOs’ impact on firms’ digital transformations, using Chinese A-share listed firms from 2007 to 2019. (1) Rookie CEOs disclose...

Using a large sample of data on insiders’ stock selling and rumors about A-share listed companies in China, this study empirically tests whether and how rumors about companies are used to manipulate the market in the context of insiders’ stock selling. We find that the probability of a...