The DOI matches its Crossref record; 46 of the 46 references it cites were found in a registry or an index.
The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices
Open accessAbstract
We investigate the extent to which the trading and trade-generating activities of three informed market participants—financial analysts, institutional investors, and insiders—influence the relative amount of firm-specific, industry-level, and market-level information impounded into stock prices, as measured by stock return synchronicity. We find that stock return synchronicity is positively associated with analyst forecasting activities, consistent with analysts increasing the amount of industry-level information in prices through intra-industry information transfers. In contrast, stock return synchronicity is inversely related to insider trades, consistent with these transactions conveying firm-specific information. Supplemental tests show that insider and institutional trading accelerate the incorporation of the firm-specific component of future earnings news into prices alone, while analyst forecasting activity accelerates both the industry and firm-specific component of future earnings news. Our results suggest that all three parties influence the firm's information environment, but the type of price-relevant information conveyed by their activities depends on each party's relative information advantage.
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Cites
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Cited by
Opaque financial reports, R2, and crash risk☆
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.10.003 · Cited by 2,768
The financial reporting environment: Review of the recent literature
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Accounting Information, Disclosure, and the Cost of Capital
LAMBERT, R., LEUZ, C., & VERRECCHIA, R. E. (2007) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2007.00238.x · Cited by 2,586
Gul, F. A., Kim, J.-B., & Qiu, A. A. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2009.11.005 · Cited by 1,238
Stock price synchronicity and analyst coverage in emerging markets
Chan, K., & Hameed, A. (2006) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.03.010 · Cited by 830
Metadata
- Authors
- Piotroski, J. D., & Roulstone, D. T.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2004-10-01
- Volume
- 79
- Issue
- 4
- Pages
- 1119-1151
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W3123571286
- Cited by
- 1,247
- References
- 46
- FWCI
- 19.74
- Type
- journal article
- Language
- en
- Open access
- green
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- Piotroski, J. D., & Roulstone, D. T. (2004). The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices. The Accounting Review. https://doi.org/10.2308/accr.2004.79.4.1119
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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