Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/8707
Title: The influence of ownership structure, analyst following and institutional infrastructure on stock price informativeness : international evidence
Authors: Jiang, L 
Kim, JB
Pang, L
Issue Date: 2014
Source: Accounting and finance, 2014, v. 54, no. 3, p. 885-919
Abstract: 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
Publisher: Wiley-Blackwell
Journal: Accounting and finance 
ISSN: 0810-5391
EISSN: 1467-629X
DOI: 10.1111/acfi.12026
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