This paper examines whether more analyst coverage translates into more informative stock prices. The examination is applied to both developed and emerging markets. Our results indicate that analyst coverage in developed markets improves the flow of private information into stock prices. In parallel, we find that increased coverage in emerging markets translates into less future earnings information being impounded in stock prices, in accord with the view that financial analysts would act as intermediaries rather than private information providers.
Keywords: analyst coverage, stock price informativeness, firm-specific information, earnings forecasts.
학회소식
학회소식
[2010년 제 4차] Stock price informativeness and analyst coverage
작성자 : 관리자
조회수 : 1116
게시일 :
2010-12-09