Analyst Initiations of Coverage and Stock Return Synchronicity
Analyst Initiations of Coverage and Stock Return Synchronicity
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DOI：
10.2308/accr-50186
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发表时间：
2012-09-01
影响因子：
4.1
通讯作者：
So, Eric C.
中科院分区：
文献类型：
--
作者：
Crawford, Steven S.;Roulstone, Darren T.;So, Eric C.
我们研究了当分析师开始报道时，他们所产生的信息是如何对公司特定信息、行业信息和市场信息的组合做出贡献的。我们假设，第一个发起覆盖的分析师提供低成本的市场和行业信息，使他/她能够跟踪更多的股票，而随后的分析师提供特定于公司的信息，以区别于现有的分析师。我们使用股票收益同步性来衡量公司的信息组合，同步性越高，表明行业和市场信息越多。先前没有分析师报道的公司的报道启动增加了同步性，这表明分析师产生了行业和市场范围的信息。相比之下，分析师开始对现有公司进行覆盖，似乎侧重于产生特定公司的信息，因为这些初始化导致同步性降低。总之，我们的研究结果表明，分析师在开始时产生的信息类型取决于其他分析师提供的信息。
We examine how the information produced by analysts when they initiate coverage contributes to the mix of firm-specific, industry-, and market-wide information available about the firm. We hypothesize that the first analyst to initiate coverage provides low-cost market and industry information allowing him/her to follow more stocks, whereas subsequent analysts provide firm-specific information to distinguish themselves from existing analysts. We use stock return synchronicity to measure the mix of information available about a firm, with higher synchronicity indicating more industry and market information. Coverage initiations of firms with no prior analyst coverage increase synchronicity, suggesting that analysts produce industry- and market-wide information. In contrast, analysts initiating coverage on firms with existing coverage appear to focus on producing firm-specific information as these initiations lead to reduced synchronicity. Together, our findings indicate that the type of information that analysts produce at initiation depends on the information provided by other analysts.