Investor attention and information diffusion from analyst coverage |
| |
| Institution: | 1. Department of Business Administration, National Taipei University, Taiwan;2. College of Management, Yuan-Ze University, Taiwan;3. Department of Marketing and Distribution Management, Hsing Wu University. Taiwan;1. School of Accounting, Southwestern University of Finance and Economics, China;2. School of Management, Fudan University, China;3. School of Economics, Finance and Management, University of Bristol, UK;4. School of Economics and Business Administration, Beijing Normal University, China;1. School of Business, The University of Western Sydney, Locked Bag 1797, Penrith, NSW 2751, Australia;2. Newcastle Business School, The University of Newcastle, Callaghan, NSW 2300, Australia |
| |
| Abstract: | This study examines the impact of investor attention and analyst coverage on the diffusion of information. Using trading turnover as a proxy for investor attention, the results show that attention is crucial to the information diffusion from financial analysts. The effect of analyst coverage on improving stock synchronicity is greater when investors are more attentive. Firms with less analyst coverage rely more heavily on investor attention to assimilate information. The lead–lag effect in high and low analyst-following firms is driven by the relative more attention given to firms that have high analyst coverage. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
