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Empirical research about the influence of analysts following behavior on stock price informativeness

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3 Author(s)
Yuan Zhizhu ; Sch. of Bus. Adm., Northeastern Univ., Shenyang, China ; Wu Li ; Xu Bo

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.

Published in:

Management Science and Industrial Engineering (MSIE), 2011 International Conference on

Date of Conference:

8-11 Jan. 2011

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