Transparency of China's Listed Banks:Evidence from Analysts' Forecasts and Stock Price Synchronicity
用分析师预测分歧、预测误差和股价同步性衡量透明度，发现中国上市银行比非金融企业更透明，分析师跟踪能提高预测准确性和股价信息含量。
Using analyst earnings forecast dispersion,forecast error and stock market synchronicity as measurement indicators for the opacity of listed firms,this paper compares the opaqueness between China's listed banks and other non - financial listed firms.We find that the analysts' forecasts are more consistent and accurate for banking firms,and the stock prices of banks reflect more firm - specific information and less likely to reflect market information.Those evidences jointly indicate that the banking industry is more transparent.? More analysts following,even there may exist some degree of herding,can still increase forecasting accuracy and the information content of stock prices,thus increase corporate transparency.Policy implications are provided in the end.