...
【24h】

Culture and R-2

机译:文化与R-2

获取原文
获取原文并翻译 | 示例
           

摘要

Consistent with predictions from the psychology literature, we find that stock prices co-move more (less) in culturally tight (loose) and collectivistic (individualistic) countries. Culture influences stock price synchronicity by affecting correlations in investors' trading activities and a country's information environment. Both market-wide and firm-specific variations are lower in tighter cultures. Individualism is mostly associated with higher firm-specific variations. Trade and financial openness weakens the effect of domestic culture on stock price comovements. These results hold for various robustness checks. Our study suggests that culture is an important omitted variable in the literature that investigates cross-country differences in stock price comovements. (c) 2014 Elsevier B.V. All rights reserved.
机译:与心理学文献的预测相一致,我们发现在文化紧密(松散)和集体主义(个人主义)的国家中,股票价格共同上涨(更少)。文化通过影响投资者的交易活动与一个国家的信息环境之间的相关性来影响股价的同步性。在更严格的文化中,整个市场范围和特定于公司的差异都较低。个人主义主要与较高的公司特定差异有关。贸易和金融开放削弱了国内文化对股票价格联动的影响。这些结果适用于各种健壮性检查。我们的研究表明,文化是调查股票价格变动的跨国差异的文献中一个重要的遗漏变量。 (c)2014 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号