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Earnings quality, analysts, institut...

Hong Kong Polytechnic University (Hong Kong).

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Earnings quality, analysts, institutional investors and stock price synchronicity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Earnings quality, analysts, institutional investors and stock price synchronicity./
Author:	Zhou, Jing.
Description:	173 p.
Notes:	Adviser: Ferdinand Gul.
Contained By:	Dissertation Abstracts International69-05A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3313068
ISBN:	9780549621539

Earnings quality, analysts, institutional investors and stock price synchronicity.
Zhou, Jing.

Earnings quality, analysts, institutional investors and stock price synchronicity. - 173 p.

Adviser: Ferdinand Gul.

Thesis (Ph.D.)--Hong Kong Polytechnic University (Hong Kong), 2008.

Keywords: Earnings Quality, Stock Price Synchronicity, Analysts, Institutional Investors

ISBN: 9780549621539Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Earnings quality, analysts, institutional investors and stock price synchronicity.
LDR:02952nmm 2200313 a 45 001 886192
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020 $a 9780549621539
035 $a (UMI)AAI3313068
035 $a AAI3313068
040 $a UMI $c UMI
100 1 $a Zhou, Jing. $3 901254
245 1 0 $a Earnings quality, analysts, institutional investors and stock price synchronicity.
300 $a 173 p.
500 $a Adviser: Ferdinand Gul.
500 $a Source: Dissertation Abstracts International, Volume: 69-05, Section: A, page: 1865.
502 $a Thesis (Ph.D.)--Hong Kong Polytechnic University (Hong Kong), 2008.
520 $a Keywords: Earnings Quality, Stock Price Synchronicity, Analysts, Institutional Investors
520 $a Stock price signals information to the financial market, the informativeness of stock price is always a keen topic in finance and accounting literature. Recently, attention has been directed to stock price synchronicity as a measure of stock price informativeness.
520 $a The objective of this study is to examine the relationship between earnings quality (measured by a set of seven attributes: accrual quality, persistence, predictability, smoothness, value relevance, timeliness and conservatism) and stock price synchronicity. In addition, I examine with the presence of financial analysts and institutional investors, whether the relation between earnings quality and stock price synchronicity is stronger or weaker.
520 $a Using 7,422 firm-year observations from 1996-2004 in the US market, I conduct the tests using the methods outlined in Fama-MacBeth (1983). The results support the hypothesis that the higher (lower) the earnings quality the lower (higher) the stock price synchronicity. The results are generally consistent with the information perspective of stock price synchronicity. I partition the full sample into analyst following/non-analyst following subsamples and high/low institutional ownership subsamples. The regression results reveal that the relation between stock price synchronicity and earnings quality is stronger for analyst following subsample (AF) and high institutional ownership (HIO) subsample, indicating that financial analysts and institutional investors reinforce the relation between earnings quality and stock price synchronicity.
520 $a Overall, I find evidence that the higher (lower) earnings quality is associated with lower (higher) stock price synchronicity. This evidence suggests that earnings quality matters in the information incorporation process. I further provide evidence that two market participants, financial analysts and institutional investors reinforce the above relation.
590 $a School code: 1170.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 $a Hong Kong Polytechnic University (Hong Kong). $3 1020200
773 0 $t Dissertation Abstracts International $g 69-05A.
790 $a 1170
790 1 0 $a Gul, Ferdinand, $e advisor
791 $a Ph.D.
792 $a 2008
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3313068