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並列摘要
We provide plausibly causal evidence for the role of linguistic and cultural diversity in asset prices. Using unique data from China, we show that firms headquartered in linguistically diverse areas, instrumented by the extent of geographical isolation, have larger trading volume and stock price corrections around earnings announcements, and higher stock price crash risk. These effects are more pronounced for stocks that are more likely to be held by local investors. Our evidence further shows that linguistic diversity is associated with investor disagreement, and larger disagreement resolution around earnings announcements. Our findings are not driven by companies’ fundamentals, propensities to hoard bad news, or innovation activities.
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