Luo, Danglun; Jiang, Zihe; Zhuang, Xinxuan; He, Jianmei - In: China journal of accounting research : CJAR 19 (2026) 1, pp. 1-23
Fund cliques (i.e., mutual funds holding the same stocks) are a common feature of global financial markets, raising the question: How do fund cliques shape firms' information environment? Do they improve information efficiency or amplify noise trading? Using a sample of Chinese A-share listed...