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首页> 外文期刊>Accounting Review >The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices
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The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices

机译：分析师，机构投资者和内部人对将市场，行业和公司特定信息纳入股票价格的影响

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摘要

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 synchron-icity. 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.
机译：我们调查了三个知情的市场参与者（金融分析师，机构投资者和内部人士）的交易和贸易产生活动在多大程度上影响了包含在股价中的公司特定信息，行业信息和市场信息的相对数量，以库存退货同步性衡量。我们发现，股票回报的同步性与分析师的预测活动呈正相关，这与分析师通过行业内信息转移增加价格中行业水平信息的数量一致。相反，股票回报的同步性与内幕交易成反比，这与这些传达公司特定信息的交易一致。补充测试表明，内部交易和机构交易加速了将未来收益新闻的公司特定部分纳入价格本身，而分析师的预测活动加快了行业和未来收益新闻的公司特定部分。我们的结果表明，所有三方都影响着公司的信息环境，但是他们的活动所传达的价格相关信息的类型取决于每一方的相对信息优势。

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