The impact of analyst coverage and stock price synchronicity: Evidence from brokerage mergers and closures

被引：24

作者：

Gao, Kaijuan ^{[1
]}

Lin, Wanfa ^{[2
]}

Yang, Li ^{[1
]}

Chan, Kam C. ^{[3
]}

机构：

[1] Hunan Univ, Sch Business, Changsha, Peoples R China

[2] Wuhan Univ, Econ & Management Sch, Wuhan, Peoples R China

[3] Western Kentucky Univ, Bowling Green, KY 42101 USA

来源：

FINANCE RESEARCH LETTERS | 2020年 / 33卷

基金：

中国国家自然科学基金;

关键词：

Analyst coverage; Synchronicity; Brokerage mergers and closures; DISCLOSURE EVIDENCE; INFORMATION; MARKET; TESTS;

D O I：

10.1016/j.frl.2019.05.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of analyst coverage on stock price synchronicity using exogenous shocks of brokerage mergers and closures in a sample of Chinese firms. This approach effectively mitigates endogeneity between analyst coverage and stock price synchronicity. Our findings suggest that after brokerage mergers and closures, the reduced analyst coverage leads to a decrease in stock price synchronicity by using a difference-in-differences research design. Hence, greater analyst coverage likely only produces market-wide rather than firm-specific information in emerging markets.

引用

页数：6

共 17 条

[1] Law, finance, and economic growth in China [J].