Determinants of the informativeness of analyst research

被引:350
作者
Frankel, R
Kothari, SP [1 ]
Weber, J
机构
[1] MIT, Sloan Sch Management, Cambridge, MA 02142 USA
[2] Washington Univ, John M Olin Sch Business, St Louis, MO 63130 USA
关键词
analyst's forecasts; capital markets; informativeness;
D O I
10.1016/j.jacceco.2005.10.004
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We examine cross-sectional determinants of the informativeness of analyst research, i.e., their effect on security prices, controlling for endogeneity among the factors affecting informativeness. Analyst reports are more informative when the potential brokerage profits are higher (e.g., high trading volume, high volatility, and high institutional ownership) and lower when information processing costs (e.g., more business segments) are high. We also find that the informativeness of analyst research and informativeness of financial statements are complements. (c) 2006 Elsevier B.V. All rights reserved.
引用
收藏
页码:29 / 54
页数:26
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