Determinants of the informativeness of analyst research
成果类型：
Article
署名作者：
Frankel, R; Kothari, SP; Weber, J
署名单位：
Massachusetts Institute of Technology (MIT); Washington University (WUSTL)
刊物名称：
JOURNAL OF ACCOUNTING & ECONOMICS
ISSN/ISSBN：
0165-4101
DOI：
10.1016/j.jacceco.2005.10.004
发表日期：
2006
关键词：
EARNINGS ANNOUNCEMENTS
price reactions
MARKET
FIRMS
equilibrium
forecasts
revisions
return
TRADE
size
摘要：
We examine cross-sectional determinants of the informativeness of analyst research, i.e., their effect on security prices, controlling for endogeneity among the factors affecting informativeness. Analyst reports are more informative when the potential brokerage profits are higher (e.g., high trading volume, high volatility, and high institutional ownership) and lower when information processing costs (e.g., more business segments) are high. We also find that the informativeness of analyst research and informativeness of financial statements are complements. (c) 2006 Elsevier B.V. All rights reserved.
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