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| Author: | Khanna, T. Thomas, C. |
| Title: | Synchronicity and firm interlocks in an emerging market |
| Journal: | Journal of Financial Economics
2009 : MAY, VOL 92:2, p. 182-204 |
| Index terms: | market efficiency international business information South America Chile |
| Language: | eng |
| Abstract: | Stock price synchronicity usually associates with poor corporate governance and poor firm transparency. The article studies the interrelationships between firm interlocks, control groups and synchronicity in Chile. The findings reveal correlation between synchronicity, share ownership and equity ties, but even stronger correlation between synchronicity and interlocking directorates. The use of these share directors may result in reduced transparency or increased correlation in firm fundamentals, which, in turn, lead to synchronicity. |
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