Regional institutions, financial analysts and stock price informativeness

被引：3

作者：

Ding, Rong ^{[1
]}

Hou, Wenxuan ^{[2
,3
]}

Kuo, Jing-Ming ^{[4
]}

Lee, Edward ^{[5
]}

机构：

[1] Univ Warwick, Warwick Business Sch, Coventry, W Midlands, England

[2] Univ Edinburgh, Business Sch, Edinburgh, Midlothian, Scotland

[3] Nanjing Audit Univ, Sch Govt Audit, Nanjing, Jiangsu, Peoples R China

[4] Univ Birmingham, Birmingham Business Sch, Birmingham, W Midlands, England

[5] Univ Manchester, Alliance Manchester Business Sch, Manchester, Lancs, England

来源：

REGIONAL STUDIES | 2018年 / 52卷 / 09期

关键词：

analyst; China; legal institutions; stock informativeness; CORPORATE GOVERNANCE; ECONOMIC-GROWTH; COVERAGE; MARKET; OWNERSHIP; INVESTORS; MATTER;

D O I：

10.1080/00343404.2017.1372567

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the impact of legal institutions on the external governance role of equity analysts in enhancing the corporate information environment. By analysing a sample of Chinese listed firms between 2003 and 2013, we find that analyst coverage is positively related to stock price informativeness. Firms located in provinces where legal institutions are stronger, as indicated by better development of market intermediaries and lower levies and charges on firms, are less likely to withhold value-relevant information. Financial analysts play a more effective role in improving stock informativeness in provinces with less developed legal institutions.

引用

页码：1261 / 1270

页数：10

共 39 条

[1]

An J., 2016, LAW FINANCE CHINA RO

[2]

[Anonymous], 2004, NERI INDEX MARKETIZA

[3] Evidence that analyst following and institutional ownership accelerate the pricing of future earnings [J].

Ayers, BC ;

Freeman, RN .

REVIEW OF ACCOUNTING STUDIES, 2003, 8 (01) :47-67

[4] The emerging market for European corporate governance: the relationship between governance and capital expenditures, 1997-2005 [J].

Bauer, Rob ;

Braun, Robin ;

Clark, Gordon L. .

JOURNAL OF ECONOMIC GEOGRAPHY, 2008, 8 (04) :441-469

[5] Do property rights matter? Evidence from a property law enactment [J].

Berkowitz, Daniel ;

Lin, Chen ;

Ma, Yue .

JOURNAL OF FINANCIAL ECONOMICS, 2015, 116 (03) :583-593

[6]

Bseuselinck C., 2010, MANDATORY IFRS REPOR

[7]

Cao C., 2016, DOES RELIG MATTER IN

[8]

Cao C., 2017, REGIONAL POLITICAL U

[9] Stock price synchronicity and analyst coverage in emerging markets [J].

Chan, K ;

Hameed, A .

JOURNAL OF FINANCIAL ECONOMICS, 2006, 80 (01) :115-147

[10] Analyst Following and Credit Ratings [J].

Cheng, Mei ;

Subramanyam, K. R. .

CONTEMPORARY ACCOUNTING RESEARCH, 2008, 25 (04) :1007-+

← 1 2 3 4 →