The influence of ownership structure, analyst following and institutional infrastructure on stock price informativeness : International evidence
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 885-919 |
| Journal / Publication | Accounting and Finance |
| Volume | 54 |
| Issue number | 3 |
| Online published | 6 Jun 2013 |
| Publication status | Published - Sep 2014 |
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Abstract
Using firms from 20 non-US countries, we investigate whether and how ownership structure, analyst following and country-level institutions influence stock price informativeness (SPI). We find that stock price informativeness decreases with control-ownership wedge (the detachment of voting rights from cash flows rights), and this SPI-reducing effect of the wedge is attenuated for firms with high analyst following and in countries with strong country-level institutions. We also find that stock price informativeness decreases with analyst following, but this SPI-reducing effect of analyst following is attenuated in countries with strong country-level institutions.
Research Area(s)
- Analyst following, Institutions, Ownership structure, Stock price informativeness
Citation Format(s)
The influence of ownership structure, analyst following and institutional infrastructure on stock price informativeness : International evidence. / Jiang, Li; Kim, Jeong-Bon; Pang, Lei.
In: Accounting and Finance, Vol. 54, No. 3, 09.2014, p. 885-919.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
