Abstract
This study empirically investigates how political connections affect the information content of stock prices. We find that political connections increase stock price synchronicity; political connections in the category of government officials significantly increase stock price synchronicity; political connections in the category of industrial and commercial associations significantly decrease stock price synchronicity; the relationship between political connections in the category of NPC deputies and CPPCC members and stock price synchronicity is not significant; political connections in the category of NPC deputies and CPPCC members significantly increase stock price synchronicity in the case of direct listing.
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