摘要：IN CHINA, STOCK PRICES TEND TO MOVE UP OR DOWN TOGETHER, WHICH IMPLIES THE LOW FIRM-SPECIFIC INFORM...IN CHINA, STOCK PRICES TEND TO MOVE UP OR DOWN TOGETHER, WHICH IMPLIES THE LOW FIRM-SPECIFIC INFORMATION BEING CAPITALIZED INTO STOCK PRICES. THIS PAPER AIMS TO TRACK THE CHANGE OF THE INFORMATION CONTENT OF STOCK PRICES BY A SAMPLE OF LISTED COMPANIES FROM 1994 TO 2005 IN CHINA. THE RESULTS OF EMPIRICAL INVESTIGATION SHOWS THAT WITH THE EVOLVEMENT OF INSTITUTION CONSTRUCTION, THE INFORMATION CONTENT OF STOCK PRICES DISPLAYS A LONG-TERM UPWARD TREND.显示全部
