女性分析师关注与股价同步性

Female Analysts' Coverage and Stock Return Synchronicity

本文利用2003-2012年中国A股上市公司数据,研究女性分析师关注对上市公司股价同步性的影响。研究发现:与男性相比,(1)女性分析师关注与股价同步性的负向关系更显著;(2)女性分析师具有留学经历的比例更大,工作更努力,且其留学经历及努力程度有助于进一步降低股价同步性;(3)女性分析师的盈余预测更谨慎,且女性的关注加剧了分析师谨慎性与股价同步性的负向关系。这表明女性分析师向市场提供了更为丰富的公司特质信息,且个人能力、努力程度及性格特征是其挖掘更多公司特质信息的重要原因。本文的研究对于正确认识女性分析师在资本市场中的作用,以及促进资本市场信息效率的提高具有重要的理论和现实意义。

The paper investigates the systematic differences between female analysts and male analysts when they producing firm- specific information,and gets three interesting findings. Firstly,a negative relationship is between female analyst coverage and stock return synchronicity. Secondly,the proportion of graduating from prestigious universities abroad in female analysts sample is higher than male analysts sample; female analysts put more effort than male in work; and both of the overseas background and the effort of female analysts have a negative relationship with stock return synchronicity. Thirdly,female analysts＇ coverage can intensify the negative relationship between conservative forecasts and stock return synchronicity. The results above indicate that female analysts can produce more firm- specific information than male; there are three important factors（ individual ability,effort level and personality characteristics） which leading them to do that. This paper has important implications for understanding the role of female analysts in the development of capital market such as China.