{"id":"https://openalex.org/W3141814685","doi":"https://doi.org/10.1145/3446569.3446572","title":"The Value of Public Information from Securities Company for Stock Returns: Empirical Evidence in Chinese Stock Market","display_name":"The Value of Public Information from Securities Company for Stock Returns: Empirical Evidence in Chinese Stock Market","publication_year":2020,"publication_date":"2020-12-18","ids":{"openalex":"https://openalex.org/W3141814685","doi":"https://doi.org/10.1145/3446569.3446572","mag":"3141814685"},"language":"en","primary_location":{"id":"doi:10.1145/3446569.3446572","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3446569.3446572","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2020 The 4th International Conference on Software and e-Business","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5055461851","display_name":"Fangke Wan","orcid":null},"institutions":[{"id":"https://openalex.org/I4210153668","display_name":"Wenzhou-Kean University","ror":"https://ror.org/05609xa16","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210153668"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Fangke Wan","raw_affiliation_strings":["Wenzhou-Kean University, China"],"affiliations":[{"raw_affiliation_string":"Wenzhou-Kean University, China","institution_ids":["https://openalex.org/I4210153668"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079201465","display_name":"Yajun Zou","orcid":null},"institutions":[{"id":"https://openalex.org/I4210153668","display_name":"Wenzhou-Kean University","ror":"https://ror.org/05609xa16","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210153668"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yajun Zou","raw_affiliation_strings":["Wenzhou-Kean University, China"],"affiliations":[{"raw_affiliation_string":"Wenzhou-Kean University, China","institution_ids":["https://openalex.org/I4210153668"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5002690808","display_name":"Fa-Hsiang Chang","orcid":"https://orcid.org/0000-0001-5862-1617"},"institutions":[{"id":"https://openalex.org/I4210153668","display_name":"Wenzhou-Kean University","ror":"https://ror.org/05609xa16","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210153668"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Fa-Hsiang Chang","raw_affiliation_strings":["Wenzhou-Kean University, China"],"affiliations":[{"raw_affiliation_string":"Wenzhou-Kean University, China","institution_ids":["https://openalex.org/I4210153668"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5055461851"],"corresponding_institution_ids":["https://openalex.org/I4210153668"],"apc_list":null,"apc_paid":null,"fwci":0.2307,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.63988237,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":93},"biblio":{"volume":null,"issue":null,"first_page":"78","last_page":"83"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9968000054359436,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/restricted-stock","display_name":"Restricted stock","score":0.6367729902267456},{"id":"https://openalex.org/keywords/stock","display_name":"Stock (firearms)","score":0.6257030367851257},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.616122305393219},{"id":"https://openalex.org/keywords/stock-market","display_name":"Stock market","score":0.5884988903999329},{"id":"https://openalex.org/keywords/listed-company","display_name":"Listed company","score":0.5696272850036621},{"id":"https://openalex.org/keywords/market-maker","display_name":"Market maker","score":0.5371485352516174},{"id":"https://openalex.org/keywords/stock-exchange","display_name":"Stock exchange","score":0.5152397751808167},{"id":"https://openalex.org/keywords/public-offering","display_name":"Public offering","score":0.4571412205696106},{"id":"https://openalex.org/keywords/financial-statement","display_name":"Financial statement","score":0.45110052824020386},{"id":"https://openalex.org/keywords/empirical-research","display_name":"Empirical research","score":0.4340210556983948},{"id":"https://openalex.org/keywords/stock-market-bubble","display_name":"Stock market bubble","score":0.4338163137435913},{"id":"https://openalex.org/keywords/public-information","display_name":"Public information","score":0.41540732979774475},{"id":"https://openalex.org/keywords/private-placement","display_name":"Private placement","score":0.4126371741294861},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.3934246301651001},{"id":"https://openalex.org/keywords/initial-public-offering","display_name":"Initial public offering","score":0.3920667767524719},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.3658871650695801},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.32152658700942993},{"id":"https://openalex.org/keywords/accounting","display_name":"Accounting","score":0.24685043096542358},{"id":"https://openalex.org/keywords/investment-banking","display_name":"Investment banking","score":0.19995754957199097},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.07148900628089905}],"concepts":[{"id":"https://openalex.org/C148126853","wikidata":"https://www.wikidata.org/wiki/Q7316309","display_name":"Restricted stock","level":4,"score":0.6367729902267456},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6257030367851257},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.616122305393219},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5884988903999329},{"id":"https://openalex.org/C2993937409","wikidata":"https://www.wikidata.org/wiki/Q891723","display_name":"Listed company","level":2,"score":0.5696272850036621},{"id":"https://openalex.org/C18991353","wikidata":"https://www.wikidata.org/wiki/Q1137319","display_name":"Market maker","level":4,"score":0.5371485352516174},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5152397751808167},{"id":"https://openalex.org/C102177615","wikidata":"https://www.wikidata.org/wiki/Q1627483","display_name":"Public offering","level":3,"score":0.4571412205696106},{"id":"https://openalex.org/C2781027943","wikidata":"https://www.wikidata.org/wiki/Q192907","display_name":"Financial statement","level":3,"score":0.45110052824020386},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.4340210556983948},{"id":"https://openalex.org/C12747933","wikidata":"https://www.wikidata.org/wiki/Q13405082","display_name":"Stock market bubble","level":4,"score":0.4338163137435913},{"id":"https://openalex.org/C2984117370","wikidata":"https://www.wikidata.org/wiki/Q133080","display_name":"Public information","level":2,"score":0.41540732979774475},{"id":"https://openalex.org/C61047874","wikidata":"https://www.wikidata.org/wiki/Q1466447","display_name":"Private placement","level":3,"score":0.4126371741294861},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3934246301651001},{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.3920667767524719},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3658871650695801},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.32152658700942993},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.24685043096542358},{"id":"https://openalex.org/C15241564","wikidata":"https://www.wikidata.org/wiki/Q319845","display_name":"Investment banking","level":2,"score":0.19995754957199097},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.07148900628089905},{"id":"https://openalex.org/C108827166","wikidata":"https://www.wikidata.org/wiki/Q175975","display_name":"Internet privacy","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199521495","wikidata":"https://www.wikidata.org/wiki/Q181487","display_name":"Audit","level":2,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/3446569.3446572","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3446569.3446572","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2020 The 4th International Conference on Software and e-Business","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":13,"referenced_works":["https://openalex.org/W1974086811","https://openalex.org/W2007167174","https://openalex.org/W2066258297","https://openalex.org/W2089858078","https://openalex.org/W2100876305","https://openalex.org/W2104697841","https://openalex.org/W2544368109","https://openalex.org/W2810697029","https://openalex.org/W3039989807","https://openalex.org/W3125043070","https://openalex.org/W3126114669","https://openalex.org/W4212895883","https://openalex.org/W6680440331"],"related_works":["https://openalex.org/W2941859827","https://openalex.org/W2041072995","https://openalex.org/W4237768353","https://openalex.org/W1854691166","https://openalex.org/W2476748052","https://openalex.org/W2067562502","https://openalex.org/W4245267094","https://openalex.org/W596319477","https://openalex.org/W2364601398","https://openalex.org/W2357479753"],"abstract_inverted_index":{"Will":[0],"investors":[1],"earn":[2],"expected":[3],"stock":[4,79,93,109],"returns":[5],"when":[6],"they":[7],"completely":[8],"rely":[9],"on":[10,86],"the":[11,18,23,33,42,48,69,77,87,100,115],"public":[12,103],"information":[13,52,85,104],"released":[14],"by":[15],"companies":[16,75,107],"(i.e.,":[17],"company's":[19,25,118],"annual":[20],"report":[21],"or":[22],"securities":[24,74,106,117],"recommendation)?":[26],"The":[27,111],"statement":[28],"may":[29],"be":[30],"valid":[31],"under":[32],"effective":[34],"market":[35],"hypothesis":[36],"(EMH)":[37],"and":[38,54,60,96],"benevolent":[39],"companies.":[40],"However,":[41],"two":[43,65],"conditions":[44],"do":[45],"not":[46,121],"match":[47],"reality":[49],"due":[50],"to":[51,67,98],"lags":[53],"conflict":[55],"of":[56,71,102],"interest":[57],"between":[58],"buyers":[59],"sellers.":[61],"This":[62],"paper":[63],"designs":[64],"methods":[66],"test":[68],"effectiveness":[70],"recommendations":[72,119],"from":[73,105],"in":[76],"Chinese":[78],"market.":[80],"We":[81],"collect":[82],"all":[83],"stocks'":[84],"broader":[88],"market's":[89],"price":[90,94],"trend,":[91],"individual":[92],"state,":[95],"volume":[97],"evaluate":[99],"value":[101],"for":[108],"returns.":[110],"results":[112],"imply":[113],"that":[114],"target":[116],"are":[120],"effective.":[122]},"counts_by_year":[{"year":2021,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}
