Using 7,566 firm-year observations of Chinese listed firms over the
period 2003-2008, this study examines the impact of legal system,
regulatory system and foreign investment on stock price
synchronicity. We find that legal system and regulatory system are
negatively associated with stock price synchronicity with the effect
of legal system stronger than regulatory system. However, a
positive relation between the participation of foreign institutional
investors and the stock price synchronicity is found which is
inconsistent with the general views in this regard.
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