Security Analysis, Dealer‐Analyst Collaboration, and Market Quality: Evidence from the NASDAQ Market in the USA
研究发现，有分析师关注的股票流动性更好、交易成本更低；若分析师与做市商有关联，流动性还会进一步提升，原因是信息共享促使做市商报出更优价格。
Abstract: In this study we analyze the effect of the security analysis activities on stock market liquidity and execution quality. We show that stocks followed by financial analysts have better market liquidity and execution quality than stocks with no analyst following, and stocks followed by affiliated analysts have better market liquidity and execution quality than stocks followed by unaffiliated analysts. The superior market liquidity of stocks followed by affiliated analysts can be explained by aggressive dealer quotes from analyst‐dealer information sharing. Overall, our results suggest that public traders benefit from analyst coverage and collaboration between analysts and dealers through high liquidity and low transaction costs.