当前位置: X-MOL 学术Journal of Accounting Research › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Anonymous Equity Research
Journal of Accounting Research ( IF 4.446 ) Pub Date : 2021-03-30 , DOI: 10.1111/1475-679x.12359
TRAVIS DYER 1 , EUNJEE KIM 1
Affiliation  

Crowdsourced financial information platforms often allow content contributors to publish equity research anonymously. This study examines whether investors value or discount information in anonymous equity research. In the short window around research releases, we find that investors’ stock price reaction to anonymous research is muted in comparison to nonanonymous research. Consistent with credibility concerns influencing investor response, we document that this discount to anonymous research dissipates as the monitoring of content contributors intensifies and as authors develop a reputation for high‐quality reporting. In addition, we perform a content analysis on the research reports and find that the muted market reaction to anonymous equity research is robust to controlling for textual attributes of information content, further supporting our inference that investors’ are concerned about the credibility of anonymous equity research.

中文翻译:

匿名股权研究

众包的金融信息平台通常允许内容提供者以匿名方式发布股票研究。这项研究检查了投资者是否在匿名股权研究中看重或折价信息。在围绕研究报告的简短窗口中,我们发现,与非匿名研究相比,投资者对匿名研究的股价反应是无声的。与影响投资者响应的可信度考虑一致,我们记录到,随着对内容贡献者的监控力度加大以及作者在高质量报告中建立声誉,这种对匿名研究的折扣逐渐消失。此外,我们对研究报告进行了内容分析,发现市场对匿名股权研究的反应冷淡,对于控制信息内容的文本属性是有力的,
更新日期:2021-05-14
down
wechat
bug