Hao, Xiaomin; Wang, Yonghai - In: China journal of accounting research : CJAR 14 (2021) 4, pp. 1-25
Based on a sample of Chinese A-share listed firms from 2015 to 2018, this paper studies the impact of annual report 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...