Firm-specific Information And Stock Price Synchronicity

"Volatility of synchronicity" is a phenomenon of stock prices "moves together ",that is,in a certain time period during which the majority of shares prices both up or both down.Different market volatility of synchrony exhibited significant differences,the reason of the difference has been disputed,some scholars believe that the differences are mainly from the effect of trait information on shares of the company,and some scholars think that difference is caused by the noise from the information that has nothing to do with the company.Today,the academic circles at home and abroad on the fluctuation of stock price synchronicity is derived from "company specific information" or "unreasonable noise" effect of agreement remains uncertain,one very important reason is that both of these factors cannot be directly measured.But studies have shown that,in an era of rapid technological development,for information about the company,whether in quantity,is also significant changes have taken place in both species,a listed company disclosure through the social networking platform has a lot of company specific information.Based on such facts as the study sample,study on fluctuation of stock price synchronicity from the front two economic explanation behind the differences.Through demonstration drew the following conclusions:(1)public listed company started the We Chat public platform will make the company's stock price synchronicity reduce(2)among the public-listed companies with We Chat public platform,the more the public influence,the lower the stock price synchronicity.These conclusions directly provide the front support the stock price synchronicity is the difference stems from how much unique information into stock prices.Paper is divided into four chapters:The first chapter is an introduction,is divided into four sections: the reason of writing this research,the value of this research,literature review,research methods and the structure of the paper.Review of the literature is divided into "information noise","stock price synchronicity and the efficiency of information","stock price synchronicity and irrational noise" three parts to introduce the relevant literature,empirical theories,which laid the theory foundation of this article.Chapter II fluctuate the systematic overview stock price synchronicity from three sections: Section I introduces the concept of stock price synchronicity;the second section introduces the two measures of volatility methods—— " " and " frequency method ".Section III are talking about two influence factors of stock price synchronicity: national system environment,Corporate informaition environment.Fourth section discuss the economic impact of stock price synchronicityThe third chapter is the empirical analysis.Rise the hypothesis,sample and data sources,the model design,and a detailed analysis of the results and stability testing.The fourth chapter is a concluding section,including the conclusions of this research and its policy implications and future issues that required further study.