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Regional institutions, financial analysts and stock price informativeness
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Ding, Rong, Hou, Wenxuan, Kuo, Jingming and Lee, Edward (2018) Regional institutions, financial analysts and stock price informativeness. Regional Studies, 52 (9). pp. 1261-1270. doi:10.1080/00343404.2017.1372567 ISSN 0034-3404.
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Official URL: http://dx.doi.org/10.1080/00343404.2017.1372567
Abstract
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.
| Item Type: | Journal Article | ||||||||||
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| Subjects: | H Social Sciences > HG Finance | ||||||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Accounting Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Investment advisors -- Law and legislation -- China , Stocks -- Prices -- China | ||||||||||
| Journal or Publication Title: | Regional Studies | ||||||||||
| Publisher: | Routledge | ||||||||||
| ISSN: | 0034-3404 | ||||||||||
| Official Date: | 30 August 2018 | ||||||||||
| Dates: |
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| Volume: | 52 | ||||||||||
| Number: | 9 | ||||||||||
| Page Range: | pp. 1261-1270 | ||||||||||
| DOI: | 10.1080/00343404.2017.1372567 | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||||
| Date of first compliant deposit: | 4 September 2017 | ||||||||||
| Date of first compliant Open Access: | 5 April 2019 | ||||||||||
| Related URLs: |
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