Can registration system reform mitigate asset mispricing?

Xinrui Cao and Xianpeng Zeng

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This study examines the effects of registration system improvements on corporate asset mispricing, utilizing panel data from 2016 to 2023. Our analysis offers substantial empirical evidence that deregulating registration restrictions significantly reduces asset mispricing. The reform accomplishes these governance impacts by augmenting the quality of information disclosure and boosting market price efficiency. These findings underscore the crucial importance of institutional innovation in enhancing capital market transparency and asset pricing, thus providing practical guidance for policymakers, investors, and enterprises during regulation changes.

Keywords: Registration system reform; Asset mispricing; Information disclosure quality (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325009420

DOI: 10.1016/j.frl.2025.107683

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