Title :
Empirical research about the influence of analysts following behavior on stock price informativeness
Author :
Zhizhu, Yuan ; Li, Wu ; Bo, Xu
Author_Institution :
Sch. of Bus. Adm., Northeastern Univ., Shenyang, China
Abstract :
By using Chinese listed companies as the research sample, the paper adopted stock price non-synchronicity method to measure stock price informativeness and then took an empirical test about the influence of securities analysts following behavior on stock price informativeness based on panel data regression models. The empirical results indicate that: the following behavior of Chinese securities analysts is notably positively correlated to stock price informativeness. Namely it´s that Chinese securities analysts can use its information-gathering means and expert analysis capabilities to announce valuable profit forecast information, which would prompt more firm-specific information into stock prices.
Keywords :
data models; pricing; regression analysis; stock markets; expert analysis capabilities; information-gathering means; panel data regression models; securities analysts following behavior influence; stock price informativeness; stock price nonsynchronicity method; valuable profit forecast information; Analytical models; Companies; Data models; Equations; Industries; Mathematical model; Security; following behavior; securities analysts; stock price informativeness; stock price non-synchronicity;
Conference_Titel :
Management Science and Industrial Engineering (MSIE), 2011 International Conference on
Conference_Location :
Harbin
Print_ISBN :
978-1-4244-8383-9
DOI :
10.1109/MSIE.2011.5707725