Abstract
This paper investigates the impact of CEO media exposure and CEO political connection on stock price synchronicity using weekly data of Chinese firms from 2007 to 2016. We also examine the influence of three institutional factors – the firm's ownership structure, its financial and legal environments – on the interactions among them. Our results suggest that CEO media exposure can enhance firm-specific information into stock prices, reducing stock price synchronicity, while the CEO political connection acts as a counteracting force. The institutional factors appear to have significant influence on the identified interaction among a CEO's media exposure, his political connections, and the company's stock price synchronicity.
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