http://dx.doi.org/10.1111/acfi.12026">
 

Document Type

Journal Article

Department/Unit

Department of Finance & Decision Sciences

Title

The influence of ownership structure, analyst following and institutional infrastructure on stock price informativeness: International evidence

Language

English

Abstract

© 2013 AFAANZ. Using firms from 20 non-US countries, we investigate whether and how ownership structure, analyst following and country-level institutions influence stock price informativeness (SPI). We find that stock price informativeness decreases with control-ownership wedge (the detachment of voting rights from cash flows rights), and this SPI-reducing effect of the wedge is attenuated for firms with high analyst following and in countries with strong country-level institutions. We also find that stock price informativeness decreases with analyst following, but this SPI-reducing effect of analyst following is attenuated in countries with strong country-level institutions.

Keywords

Analyst following, Institutions, Ownership structure, Stock price informativeness

Publication Date

2014

Source Publication Title

Accounting and Finance

Volume

54

Issue

3

Start Page

885

End Page

919

Publisher

Wiley

ISSN (print)

08105391

ISSN (electronic)

1467629X

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