National Culture of Secrecy and Stock Price Synchronicity: Cross-Country Evidence

Stock price synchronicity has been associated with various market outcomes like the return-sentiment relations, stock liquidity, and asset pricing models. Therefore, researchers have devoted a lot of time in revealing underlying factors that drive synchronicity. Using sample 49 countries over period 1990 to 2019 we find robust association between higher cultural secretiveness Our results suggest deep-rooted country characteristic culture secrecy can diminish information environment markets. The are use control variables suggested earlier studies alternative regression techniques, including ones address endogeneity concerns.