CULTURE AND STOCK PRICE REACTION TO PRIVATE INFORMATION

Anita Todea ()
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Anita Todea: Department of Statistics, Forecasting, Mathematics, Faculty of Economics and Business Administration, Babes-Bolyai University, TeodorMihali 58-60, 400591 Cluj-Napoca, Romania. Tel. +40.264 41 86 52,

Review of Economic and Business Studies, 2018, issue 21, 117-130

Abstract: This paper examines the impact of culture on stock price informativeness in a sample of firms from 23 developed stock markets. We find that the information content of private information in stock prices is higher in more individualistic countries and in low uncertainty-avoiding countries. Moreover, financial openness stimulates the incorporation of private information into individualistic countries and in low uncertainty-avoiding countries.

Keywords: price informativeness; private information; individualism; uncertainty avoidance; firm-specific information; financial opennes (search for similar items in EconPapers)
JEL-codes: G14 G15 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aic:revebs:y:2018:j:21:todeaa

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