期刊名称：American Journal of Industrial and Business Management
印刷版ISSN：2164-5167
电子版ISSN：2164-5175
出版年度：2015
卷号：05
期号：03
页码：90-101
DOI：10.4236/ajibm.2015.53010
语种：English
出版社：Scientific Research Publishing
摘要：This study examines whether more analyst coverage mitigates the informational risk borne by small investors. Using the investment-price sensitivity as a proxy for stock price informativeness, we find evidence that analysts do not specialize in the production of firm-specific information and substitute for other corporate governance mechanisms. Our results suggest that analysts are out-siders who have less access to firm-level information. The main findings are robust to many aspects of our methodology.
关键词：Analyst Coverage; Information Asymmetry; Market Efficiency; Investment-Price Sensitivity
