The interaction between information disclosure and analysts' follow-up behavior: Based on the perspective of role of analysts

摘要

Information disclosure is a critical determinant of portfolio allocation in capital markets. Securities analysts as important “information traders”, their follow-up behavior and information disclosure of the firms they follow participate in an interaction relationship. This paper sheds light on the three different roles of analysts. Based on the perspective of role of analysts, we reviewed relevant literature at home and broad and respectively analyzed the two opposite influences of information disclosure on analysts' follow-up behavior and the promoting influence of analyst following conversely on information disclosure.