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

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  • Li Jiang
  • Jeong-Bon Kim
  • Lei Pang
  • Anne Wyatt

Abstract

type="main" xml:id="acfi12026-abs-0001"> 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.

Suggested Citation

  • Li Jiang & Jeong-Bon Kim & Lei Pang & Anne Wyatt, 2014. "The influence of ownership structure, analyst following and institutional infrastructure on stock price informativeness: international evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 54(3), pages 885-919, September.
    • Handle: RePEc:bla:acctfi:v:54:y:2014:i:3:p:885-919
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    File URL: http://hdl.handle.net/10.1111/acfi.2014.54.issue-3
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    Cited by:

    1. Heidi Quah & Janto Haman & Dharmendra Naidu, 2021. "The effect of stock liquidity on investment efficiency under financing constraints and asymmetric information: Evidence from the United States," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 2109-2150, April.
    2. Ni, Yensen & Huang, Paoyu & Chen, Yuhsin, 2019. "Board structure, considerable capital, and stock price overreaction informativeness in terms of technical indicators," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 514-528.
    3. Doan, Anh-Tuan & Phan, Thu & Lin, Kun-Li, 2020. "Governance quality, bank price synchronicity and political uncertainty," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 231-262.
    4. Doan, Anh-Tuan & Lin, Kun-Li, 2022. "Bank ownership and stock price informativeness. Does politics matter?," International Review of Financial Analysis, Elsevier, vol. 79(C).

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