Abstract
We manually collect the data about the top 10 shareholders of Chinese listed firms and their countries of origin to identify the relationship between cultural diversity in ownership and stock liquidity commonality from 2007 to 2018. We provide evidence that cultural diversity in ownership reduces stock liquidity commonality. Besides, we show that corporate transparency is a key channel through which cultural diversity in ownership reduces liquidity commonality. Our results are robust to endogeneity tests.
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