Investment Analysis and the Adjustment of Stock Prices to Common Information
研究跟踪一家公司的投资分析师数量如何影响其股价对共同新信息的调整速度，发现分析师多的公司股价调整更快，且这种关系是非线性的。
In this article we are concerned with the effect of the number of investment analysts following a firm on the speed of adjustment of the firm's stock price to new information that has common effects across firms. It is found that returns on portfolios of firms that are followed by many analysts tend to lead those of firms that are followed by fewer analysts, even when the firms are of approximately the same size. Many analyst firms also tend to respond more rapidly to market returns than do few analyst firms, adjusting for firm size. This relation, however, is nonlinear, and the marginal effect of the number of analysts on the speed of price adjustment increases with the number of analysts.