Anticorruption and Capital Market Pricing Efficiency: Evidence From China
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
ABSTRACT This study investigates the impact of anticorruption on capital market pricing efficiency through stock price synchronization. Using a data set from 3188 of China's A‐share listed firms with 20,673 firm‐year observations, our results show that anticorruption significantly reduces stock price synchronization. We conduct a series of robustness checks, including difference‐in‐differences analysis, informal monitoring mechanisms, alternative explanatory variables, and excluding observations during the Global Financial Crisis, and the conclusions remain consistent. The mechanism analysis reveals that anticorruption improves corporate disclosure quality at the micro level and the degree of marketization and government‐market relationship at the macro level, which reduces stock price synchronicity. This effect is more pronounced among state‐owned enterprises (SOEs), especially local SOEs. This study presents empirical evidence regarding the logic of development and governance dynamics in emerging economies.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it