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Academic Journal of Business & Management, 2022, 4(14); doi: 10.25236/AJBM.2022.041407.

Analyst Report, Information Transparency and Stock Price Synchronization


Mengqi Tu

Corresponding Author:
Mengqi Tu

Jiangxi Normal University, Nanchang, China


This paper uses the relevant data of company characteristics information contained in the analyst research reports of China's A-share listed companies from 2009 to 2015 to study the impact of text content in analyst reports on stock price synchronization. The results of the study found that the more the text content of the analyst research report contains the company's characteristics, the more the company can attract investors' attention and the easier it is to reduce the synchronization of the stock price; The impact of analyst reports on stock price synchronicity is even more pronounced in the context of low transparency of company information. The mechanism by which analysts reduce the synchronization of stock prices is that reports with high content of company characteristic information attract more attention from investors, making the stock price more absorb company characteristic information. From the perspective of information mechanism and corporate governance mechanism, this article explores whether the information conveyed by analyst reports improves or decreases the synchronization of stock prices. This not only enriches the research on the factors influencing the synchronization of stock prices, but also enriches the research on the information content of analysts' reports, which has important theoretical and practical significance for investors, analysts and companies. 


analyst reports; the content of information about the company's characteristics; stock price synchronicity; Information transparency

Cite This Paper

Mengqi Tu. Analyst Report, Information Transparency and Stock Price Synchronization. Academic Journal of Business & Management (2022) Vol. 4, Issue 14: 41-45. https://doi.org/10.25236/AJBM.2022.041407.


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