Annual General Meetings in Large Chinese Companies: The Value Relevance of Released Information

Monica Martinez-Blasco, Josep Garcia-Blandon, Josep Maria Argiles-Bosch


This paper assesses the informative content of the Annual General Meeting (AGM) in the
People’s Republic of China. In this paper, we investigate stock returns, volatility, and trading
volumes around the AGMs of companies belonging to the Shanghai Stock Exchange 50
index with the main purpose to evaluate the informational content of the information
released. We propose using the classical Brown and Warner (1985) event studies
methodology to test for abnormal behavior around AGM days. The results allow us to discuss
the relevance of the information released during these AGMs. Additionally, we analyze the
differences in the information content depending on company size.

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