分析师报道的光明面：COVID-19 期间股价弹性的证据

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-14 DOI:10.1016/j.ribaf.2024.102583

Chao Zhang , Xiaoxiao Song , Cancan Wang

{"title":"分析师报道的光明面：COVID-19 期间股价弹性的证据","authors":"Chao Zhang , Xiaoxiao Song , Cancan Wang","doi":"10.1016/j.ribaf.2024.102583","DOIUrl":null,"url":null,"abstract":"<div><div>Understanding a firm's stock price resilience is crucial in an increasingly uncertain environment. We investigate the impact of financial analysts on a firm's stock price resilience. We find that firms in the Chinese stock market with higher analyst coverage were more resilient during the COVID-19 crisis and had lower pandemic-induced stock price declines, shorter decline and recovery periods, and higher recovery probability. This positive relationship is more prominent for firms with strong star analyst coverage and does not depend on ownership type or firm size. Moreover, analysts help firms attract attention from media and institutional investors, improve corporate governance by improving information disclosure quality (especially for private information), and reduce financial constraints, in turn, firms’ ability to absorb pandemic shocks improves. Overall, we demonstrate that financial analysts play a crucial role in shaping a firm's stock price resilience during crises, particularly for firms with strong star analyst coverage.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102583"},"PeriodicalIF":6.3000,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The bright side of analyst coverage: Evidence from stock price resilience during COVID-19\",\"authors\":\"Chao Zhang , Xiaoxiao Song , Cancan Wang\",\"doi\":\"10.1016/j.ribaf.2024.102583\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Understanding a firm's stock price resilience is crucial in an increasingly uncertain environment. We investigate the impact of financial analysts on a firm's stock price resilience. We find that firms in the Chinese stock market with higher analyst coverage were more resilient during the COVID-19 crisis and had lower pandemic-induced stock price declines, shorter decline and recovery periods, and higher recovery probability. This positive relationship is more prominent for firms with strong star analyst coverage and does not depend on ownership type or firm size. Moreover, analysts help firms attract attention from media and institutional investors, improve corporate governance by improving information disclosure quality (especially for private information), and reduce financial constraints, in turn, firms’ ability to absorb pandemic shocks improves. Overall, we demonstrate that financial analysts play a crucial role in shaping a firm's stock price resilience during crises, particularly for firms with strong star analyst coverage.</div></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"73 \",\"pages\":\"Article 102583\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-09-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924003763\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924003763","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

在日益不确定的环境中，了解公司的股价弹性至关重要。我们研究了金融分析师对公司股价弹性的影响。我们发现，在 COVID-19 危机期间，中国股市中分析师覆盖率较高的公司具有更强的抗风险能力，由大流行病引发的股价下跌幅度较低，下跌和恢复期较短，恢复概率较高。这种正相关关系在明星分析师覆盖率高的公司中更为突出，且与所有权类型和公司规模无关。此外，分析师还有助于公司吸引媒体和机构投资者的关注，通过提高信息披露质量（尤其是私人信息）来改善公司治理，并减少财务约束，从而提高公司吸收大流行病冲击的能力。总之，我们证明了金融分析师在危机期间对公司股价弹性的形成起着至关重要的作用，尤其是对那些拥有强大明星分析师覆盖面的公司而言。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The bright side of analyst coverage: Evidence from stock price resilience during COVID-19

Understanding a firm's stock price resilience is crucial in an increasingly uncertain environment. We investigate the impact of financial analysts on a firm's stock price resilience. We find that firms in the Chinese stock market with higher analyst coverage were more resilient during the COVID-19 crisis and had lower pandemic-induced stock price declines, shorter decline and recovery periods, and higher recovery probability. This positive relationship is more prominent for firms with strong star analyst coverage and does not depend on ownership type or firm size. Moreover, analysts help firms attract attention from media and institutional investors, improve corporate governance by improving information disclosure quality (especially for private information), and reduce financial constraints, in turn, firms’ ability to absorb pandemic shocks improves. Overall, we demonstrate that financial analysts play a crucial role in shaping a firm's stock price resilience during crises, particularly for firms with strong star analyst coverage.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance