{"title":"经理人对基调和股价同步性的特定操纵","authors":"Miao Jiang, Bo Zhu, Luxi Li","doi":"10.1111/acfi.13283","DOIUrl":null,"url":null,"abstract":"Using a sample of Chinese listed firms from 2008 to 2020, we find that manager‐specific upward manipulation of tone in the Management Discussion and Analysis (MD&A) section is associated with greater stock price synchronicity. This suggests that upward tone manipulation decreases the stock's idiosyncratic information content. This relationship between abnormally positive tone and stock price synchronicity is negatively moderated by the firm's revenue growth rate, while investor irrational sentiment positively moderates this relationship. Additionally, positive tone manipulation significantly increases audit aggressiveness and decreases analyst optimism bias.","PeriodicalId":335953,"journal":{"name":"Accounting & Finance","volume":"79 20","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Manager‐specific manipulation of tone and stock price synchronicity\",\"authors\":\"Miao Jiang, Bo Zhu, Luxi Li\",\"doi\":\"10.1111/acfi.13283\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Using a sample of Chinese listed firms from 2008 to 2020, we find that manager‐specific upward manipulation of tone in the Management Discussion and Analysis (MD&A) section is associated with greater stock price synchronicity. This suggests that upward tone manipulation decreases the stock's idiosyncratic information content. This relationship between abnormally positive tone and stock price synchronicity is negatively moderated by the firm's revenue growth rate, while investor irrational sentiment positively moderates this relationship. Additionally, positive tone manipulation significantly increases audit aggressiveness and decreases analyst optimism bias.\",\"PeriodicalId\":335953,\"journal\":{\"name\":\"Accounting & Finance\",\"volume\":\"79 20\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-06-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Accounting & Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/acfi.13283\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting & Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/acfi.13283","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Manager‐specific manipulation of tone and stock price synchronicity
Using a sample of Chinese listed firms from 2008 to 2020, we find that manager‐specific upward manipulation of tone in the Management Discussion and Analysis (MD&A) section is associated with greater stock price synchronicity. This suggests that upward tone manipulation decreases the stock's idiosyncratic information content. This relationship between abnormally positive tone and stock price synchronicity is negatively moderated by the firm's revenue growth rate, while investor irrational sentiment positively moderates this relationship. Additionally, positive tone manipulation significantly increases audit aggressiveness and decreases analyst optimism bias.
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