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SUN 5-2: Information and Trading in Financial Market
Time:
Sunday, 07/Dec/2025:
3:10pm - 4:05pm
Presentations
Market Feedback: Evidence from the Horse’s Mouth
Itay Goldstein1 , Bibo Liu 2 , Liyan Yang3
1 University of Pennsylvania; 2 Tsinghua University; 3 University of Toronto
We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. More than 90% of firms monitor the stock market for learning new information about real investment and for accessing external financing, suggesting the wide existence of real effects through a learning channel and a financing channel. Firms learn about information on dimensions on which aggregation of external information is valuable. To validate our survey approach, we conduct analysis to link firms’ survey responses to their characteristics and actions. Finally, we provide additional validation by exploring the setting of trading suspensions.
