The role of the business press in the pricing of analysts’ recommendation revisions
Publication in refereed journal


引用次數
替代計量分析
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其它資訊
摘要We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision drives both the initial market reaction results and drift results. Finally, we show that broader press coverage influences the activities of large-trade institutional investors but not high-frequency traders. Overall, our findings suggest a complementary role between analysts and the business press: increased dissemination of recommendation revisions, rather than information creation on the part of the business press, serves to better inform the market about analyst recommendation revision decisions.
出版社接受日期07.01.2019
著者Minkwan Ahn, Michael Drake, Hangsoo Kyung, Han Stice
期刊名稱Review of Accounting Studies
出版年份2019
月份3
卷號24
期次1
出版社Springer
出版地United States
頁次341 - 392
國際標準期刊號1380-6653
電子國際標準期刊號1573-7136
語言美式英語

上次更新時間 2021-23-11 於 01:11