Dr. Ping-Wen Sun of International Institute for Financial Studies at Jiangxi University of Finance and Economics was invited by Professor Ji Wu of Research Institute of Economics and Management (RIEM) at Southwestern University of Finance and Economics to give a presentation at 2:30 to 4:00pm on April 10, 2015. The topic of the presentation is “Stock Price Delay and the Business Cycle”. This paper of Dr. Sun is co-authored with Professor Ji-Chai Lin, chair professor at School of Accounting&Finance at Hong Kong Polytechnic University. This paper examines the relationship between the aggregate stock price delay of public firms and the business cycle. The study finds that the speed of public information reflected in the stock price is faster in the downward part of the business cycle than in the expansion part and attributes this phenomenon to investors’ flight-to-quality behavior. In addition, the result shows that stock market liquidity change, aggregate institutional ownership change, VIX, and stock market return are most responsible for the aggregate stock price delay change. Since the establishment from 2006, professors at RIEM of SWUFE invited scholars from other schools to give seminar about 15 times per semester. Through those scholarly activities, RIEM at SWUFE promotes its academic influences among domestic universities and interactions among scholars of different schools. This model could be referenced by other similar research institutes.