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
收藏
页数：6
相关论文
共 50 条
  • [1] Stock price synchronicity and analyst coverage in emerging markets
    Chan, K
    Hameed, A
    JOURNAL OF FINANCIAL ECONOMICS, 2006, 80 (01) : 115 - 147
  • [2] Ownership, analyst coverage, and stock synchronicity in China
    Feng, Xunan
    Hu, Na
    Johansson, Anders C.
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2016, 45 : 79 - 96
  • [3] Stock price informativeness and analyst coverage
    Marhfor, Ahmed
    Cosset, Jean-Claude
    M'Zali, Bouchra
    Charest, Guy
    CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION, 2013, 30 (03): : 173 - 188
  • [4] Financial derivatives, analyst forecasts, and stock price synchronicity: Evidence from an emerging market
    Su, Kun
    Zhang, Miaomiao
    Liu, Chengyun
    JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2022, 81
  • [5] Media coverage and stock price synchronicity
    Tung Lam Dang
    Man Dang
    Luong Hoang
    Nguyen, Lily
    Hoang Long Phan
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2020, 67
  • [6] Trust and Stock Price Synchronicity: Evidence from China
    Qiu, Baoyin
    Yu, Junli
    Zhang, Kuo
    JOURNAL OF BUSINESS ETHICS, 2020, 167 (01) : 97 - 109
  • [7] The impact of block trades on stock price synchronicity: Evidence from China
    Meng, Qingbin
    Song, Xuan
    Liu, Chunlin
    Wu, Qun
    Zeng, Hongchao
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2020, 68 : 239 - 253
  • [8] Does corporate governance matter in competitive industries? Evidence from brokerage mergers and closures
    Guo, Savannah
    Saha, Pritam
    You, Leyuan
    Zheng, Michael
    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2024, 51 (9-10) : 2791 - 2819
  • [9] Online sales and stock price synchronicity: Evidence from China
    Wang, Kai
    Zhao, Jingjing
    Zhou, Jun
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 95
  • [10] Analyst coverage and stock return synchronicity: evidence from regulation changes in China's IPO market
    Bai, Xuelian
    Wang, Fangjun
    Zhang, Junrui
    APPLIED ECONOMICS, 2016, 48 (47) : 4538 - 4557
12345