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Chinese Journal of Management Science ›› 2023, Vol. 31 ›› Issue (1): 21-36.doi: 10.16381/j.cnki.issn1003-207x.2020.1183

• Articles • Previous Articles    

The Impact of Industrial Policy on Idiosyncratic Volatility of Stock Price and the Mechanism

LU Jing1, 2, YU Hao1   

  1. 1. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China;2. Innovation Institute of Corporate Finance and Accounting Governance, Chongqing University, Chongqing 400030, China
  • Received:2020-06-20 Revised:2020-11-19 Published:2023-02-09
  • Contact: 陆静 E-mail:lujing@cqu.edu.cn

Abstract: As one of the factors of low-risk anomalies, idiosyncratic volatility has been discussed in finance research for a long time. The literature about the determinants of idiosyncratic volatility has always been focused on the micro-level, like size, liquidity, and cash flow. However, in the Chinese stock market, idiosyncratic volatility is affected by both micro and macro factors.

Key words: industrial policy; idiosyncratic volatility; product market competition; business environment uncertainty; quality of accounting information disclosure

CLC Number: