Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market.
This study selects stock data of listed companies in China's A-share stock market from 2011 to 2020 as research samples. Using a fixed-effects model, it examines the impact of analyst optimism on stock price collapses and the moderating effect of information disclosure quality. Simultaneously,...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Public Library of Science (PLoS)
2024-01-01
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| Series: | PLoS ONE |
| Online Access: | https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0297055&type=printable |
| _version_ | 1797224021645852672 |
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| author | Yang Li Yingchun Zhang Rui Ma Ruixuan Wang |
| author_facet | Yang Li Yingchun Zhang Rui Ma Ruixuan Wang |
| author_sort | Yang Li |
| collection | DOAJ |
| description | This study selects stock data of listed companies in China's A-share stock market from 2011 to 2020 as research samples. Using a fixed-effects model, it examines the impact of analyst optimism on stock price collapses and the moderating effect of information disclosure quality. Simultaneously, it conducts additional research to explore the potential transmission mechanisms involved. The main findings are as follows: Firstly, a positive correlation exists between analyst optimism and the risk of stock price collapse. Secondly, improving information disclosure quality of listed companies can enhance the positive impact of analyst optimism on the risk of stock price collapses and expedite the market's adjustment of overly optimistic valuations of listed companies. Additionally, analyst optimism can increase the risk of stock price collapses by affecting institutional ownership. These findings provide theoretical support for regulatory authorities to revise and improve the "information disclosure evaluation" system, regulate the analyst industry, guide analyst behavior, and encourage listed companies to enhance internal governance and improve information disclosure practices. |
| first_indexed | 2024-04-24T13:46:30Z |
| format | Article |
| id | doaj.art-c80bb7920fe54e7f96003943899c5e8c |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-04-24T13:46:30Z |
| publishDate | 2024-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-c80bb7920fe54e7f96003943899c5e8c2024-04-04T05:34:46ZengPublic Library of Science (PLoS)PLoS ONE1932-62032024-01-01193e029705510.1371/journal.pone.0297055Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market.Yang LiYingchun ZhangRui MaRuixuan WangThis study selects stock data of listed companies in China's A-share stock market from 2011 to 2020 as research samples. Using a fixed-effects model, it examines the impact of analyst optimism on stock price collapses and the moderating effect of information disclosure quality. Simultaneously, it conducts additional research to explore the potential transmission mechanisms involved. The main findings are as follows: Firstly, a positive correlation exists between analyst optimism and the risk of stock price collapse. Secondly, improving information disclosure quality of listed companies can enhance the positive impact of analyst optimism on the risk of stock price collapses and expedite the market's adjustment of overly optimistic valuations of listed companies. Additionally, analyst optimism can increase the risk of stock price collapses by affecting institutional ownership. These findings provide theoretical support for regulatory authorities to revise and improve the "information disclosure evaluation" system, regulate the analyst industry, guide analyst behavior, and encourage listed companies to enhance internal governance and improve information disclosure practices.https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0297055&type=printable |
| spellingShingle | Yang Li Yingchun Zhang Rui Ma Ruixuan Wang Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. PLoS ONE |
| title | Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. |
| title_full | Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. |
| title_fullStr | Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. |
| title_full_unstemmed | Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. |
| title_short | Analyst optimism, information disclosure, and stock price collapse risk: Empirical insights from China's A-share market. |
| title_sort | analyst optimism information disclosure and stock price collapse risk empirical insights from china s a share market |
| url | https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0297055&type=printable |
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