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The effect of analyst following on market manipulation

Author

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  • Jie Liu
  • Yangfa Chen
  • Gengyan Lin

Abstract

Utilizing a sample of suspected stock manipulation cases identified through intraday data, we find a significantly negative relationship between the analyst following and the frequency of market manipulation. This relationship remains consistent when considering index reconstitutions as an instrumental variable to address potential endogeneity concerns related to analyst following. Furthermore, our findings indicate that the suppressive effect of analyst following on market manipulation is driven by the enhancement of pricing efficiency. Additionally, our results suggest that a higher level of independent institutional ownership can potentiate the impact of analysts following on curbing manipulation.

Suggested Citation

  • Jie Liu & Yangfa Chen & Gengyan Lin, 2026. "The effect of analyst following on market manipulation," Applied Economics Letters, Taylor & Francis Journals, vol. 33(12), pages 2136-2140, July.
    • Handle: RePEc:taf:apeclt:v:33:y:2026:i:12:p:2136-2140
    DOI: 10.1080/13504851.2025.2466737
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