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Abstract Based on the perspective of corporate information transparency, this study takes the A-share listed companies in 2015～2020 as a sample and examines the impact of inquiry letter supervision on stock price information content from the perspective of stock price synchronicity. The results show that inquiry letter supervision can improve stock price information content to promote the information efficiency of capital market, and corporate information transparency plays a mediating role between inquiry letter supervision and stock price information content. Further research shows that inquiry letter supervision plays a greater role in improving stock price information content for companies with low institutional ownership, private companies, and companies with low analyst attention. Different types of inquiry letters can effectively improve stock price information content, and both the number of questions in the letter and the response time of the letter can influence the relationship between inquiry letter supervision and stock price information content.
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Received: 23 August 2022
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