Stock Price Synchronicity with Analyst Coverage and Disclosure of Information in Iran Cpaital Market

Document Type : Research Paper

Authors

1 Ph.D. Student, Pardis International Campus of the Tehran University, Kish, Iran.

2 Associate Professor at financial management department, Tehran university, Tehran, Iran

3 Professor of Financial Management and Insurance, Faculty of Management, University of Tehran

Abstract

In this study, Stock Price Synchronicity with Analyst Coverage and Disclosure of Information during the years 2011 to 2019 have been studied and compared. The statistical population of the study consists of companies listed on the Tehran Stock Exchange and Iran Fara Bourse(IFB). Research hypotheses have been tested through a multivariate regression equation. The main research hypothesis regarding the relationship between stock price synchronization and analyst coverage and disclosure of significant positive relationship has been confirmed. Other findings suggest a significant positive relationship between stock price synchronization and disclosure and irrelevency between analyst coverage and stock price synchronization. An increase in the number of analysts on the one hand and a slight increase in the number of announcements published by the companies surveyed in the Codal system on the other hand has shown a positive relationship between these two variables and the price variable. In other words, as the synchronicity increases, the greater the number of announcements and the greater the number of analysts, the more synchronicity the stock price will be

Keywords

References

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Empirical Research in Accounting
Volume 12, Issue 3 - Serial Number 45
September 2022
Pages 221-240

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History

  • Receive Date: 10 May 2021
  • Revise Date: 19 June 2021
  • Accept Date: 11 July 2021

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