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 Analysts coverage and stock liquidity - Global evidence
Tác giả hoặc Nhóm tác giả: Tung Lam Dang, Phuong Nguyen Trang Doan, Thi Minh Hue Nguyen, Thanh Thao Tran, Xuan Vinh Vo

Nơi đăng: Cogent Economics & Finance; Số: 1625480;Từ->đến trang: 1-27;Năm: 2019
Lĩnh vực: Kinh tế; Loại: Bài báo khoa học; Thể loại: Quốc tế
TÓM TẮT
This paper investigates the relation between analyst coverage and stock liquidity with a focus on the role of information produced by financial analysts. Using a comprehensive data set across 41 countries for the period 2000–2010, we document two novel findings. First, analyst coverage is positively correlated with stock liquidity. Second, the positive effect of analyst following on stock liquidity is attributed to the weak institutional environment. These findings suggest that financial analysts provide more public information to market participants and thus improve stock liquidity. This effect is attenuated in a country with a stronger institutional environment.
ABSTRACT
This paper investigates the relation between analyst coverage and stock liquidity with a focus on the role of information produced by financial analysts. Using a comprehensive data set across 41 countries for the period 2000–2010, we document two novel findings. First, analyst coverage is positively correlated with stock liquidity. Second, the positive effect of analyst following on stock liquidity is attributed to the weak institutional environment. These findings suggest that financial analysts provide more public information to market participants and thus improve stock liquidity. This effect is attenuated in a country with a stronger institutional environment.
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