Does a Share Name Change Have an Impact on the Pricing Efficiency of the Share?

Yue’e Long, Wunhong Su and Yufan Tan

SAGE Open, 2023, vol. 13, issue 4, 21582440231219071

Abstract: This study examines the association between the pricing efficiency of individual shares during the post-period and the pre-period of renames, substantive renames, and those with non-substantive renames. Based on a sample of 567 firms in the Chinese A-share market, this study finds that the pricing efficiency of individual shares is significantly higher during the post-period than during the pre-period of a renaming announcement. Moreover, the results are robust to controls. In addition, the results are consistent with the argument that the firms experiencing substantive renames are more inclined to involve the firm-specific information content. JEL classification: M41, G32, G12, G34, M21

Keywords: renames; pricing efficiency of individual shares; R-squared; renaming announcements; propensity score matching (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231219071

DOI: 10.1177/21582440231219071

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