The impact of the registration-based IPO reform on listed firms in the ChiNext stock market mainly lies in the relaxation of their daily stock price limits.We in-vestigate the influence of daily price limits on stock price informativeness by utilizing the daily price limit reform in ChiNext as an exogenous shock.Employing the DID model,we find that listed firms with relaxed daily price limits in ChiNext experience a signific-ant increase in stock price informativeness,evidenced by a notable decrease in stock price synchronicity.Additionally,we identify that enhanced price informativeness is facilitated by increased stock liquidity and reduced stock price manipulation.Moreover,the in-crease in price informativeness is more pronounced for firms operating in opaque inform-ation environments and facing short-selling constraints prior to the reform.Our study en-riches to the literature on stock price efficiency and provides policy implications for the registration-based IPO reform in the stock market.
维普
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