The interpretation of stock price synchronicity in relation to price informativeness is controversial in the literature. We examine how firm-specific variation relates to the quality of a firm's information environment by considering two auditor characteristics—audit firm size and audit firm tenure. Using a sample of U.S. listed firms from 2000 to 2018, we find that Big N audits and longer audit firm tenure are associated with higher stock price synchronicity and lower idiosyncratic risk. Our findings suggest that firm-specific variation captures noise rather than firm-specific news, supporting the emerging view that stock price synchronicity is a direct measure of price informativeness.

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信息环境与股价同步性：来自审计师特征的证据

与价格信息相关的股票价格同步性的解释在文献中是有争议的。我们通过考虑两个审计师特征——审计事务所规模和审计事务所任期，来检验事务所特定的变化如何与事务所信息环境的质量相关。使用 2000 年至 2018 年美国上市公司的样本，我们发现 Big N 审计和更长的审计公司任期与更高的股价同步性和更低的特殊风险相关。我们的研究结果表明，特定于公司的变化捕捉的是噪音而不是特定于公司的新闻，这支持了股票价格同步性是价格信息量的直接衡量标准的新兴观点。