Antitrust in the Field of Platform Economy,Policy Uncertainty and Stock Price Volatility
Taking antitrust in the field of platform economy as a policy event and using cross-sectional data,this paper examines the impact of policy uncertainty on the stock prices of listed companies in China.The research finds that:the market response of platform economy firms to antitrust policy releases was significantly negative,along with insignificantly lower expected cash flows.It suggests that policy uncertainty causes stock price volatility primarily through the effect of discount rate rather than cash flow.Stock price volatility of platform economy companies is not the result of stock mispricing,on the contrary,the decline in stock price implies the information that platform economy companies will be exposed to more policy risks in the future.Under the condition,investor's demand for information disclosure has increased,but the management of platform economy companies has not significantly improved disclosure of policy risks.From the company level,this paper examines the heterogeneous effects of policy uncertainty on stock prices,which not only adds to the"policy uncertainty and asset pricing"literature,but also deepens the understanding of its mechanism of action and the information implications of stock price volatility.The conclusion has important practical implications for reducing the adverse effects caused by policy uncertainty,improving the transmission effects of policy instruments,and achieving policy goals.
万方数据
维普
