社會多元性、意見分歧與資產價格

Abstract

我們為語言和文化多樣性在資產價格中的作用提供了合理的因果證據。使用中國的獨特資料，我們發現公司總部位於語言多樣化地區的公司，受地理隔離程度的影響，在盈餘宣告前後有較多的股票交易與價格修正，並且會有較高的股價崩跌風險。這些結果在有較多本地投資者持有的公司，其影響會更為明顯。我們的實證結果進一步表示，語言多樣性與投資者的分歧有關，與公司的基本面、管理階層囤積壞消息的行為或是公司創新活動無關。我們的實證結果與文獻上投資者分歧模型有一致的結果。

We provide plausibly causal evidence for the role of linguistic and cultural diversity in asset prices. Using unique data from China, we show that firms headquartered in linguistically diverse areas, instrumented by the extent of geographical isolation, have larger trading volume and stock price corrections around earnings announcements, and higher stock price crash risk. These effects are more pronounced for stocks that are more likely to be held by local investors. Our evidence further shows that linguistic diversity is associated with investor disagreement, and larger disagreement resolution around earnings announcements. Our findings are not driven by companies’ fundamentals, propensities to hoard bad news, or innovation activities.