Information Opacity,Analysts Following and Crash Risk
以中国上市公司为样本，研究发现信息不透明度越高的公司越容易发生股价崩盘，而分析师关注能有效替代法律监管来降低这种风险。
With the Chinese listed firms as the samples,this paper studies the relation between the information opacity of different firms and their crash risk.It is found that opaque firms are more prone to stock price crashes. However,the passage of laws which aimed at enhancing supervision on information disclosure hasn't significantly weakened the negative impact of information opacity.Moreover,the attentions of analysts to stocks who act as an effective mechanism substituted legislations substantially reduce the influence of information opacity on crash risk.This research not only contribute to the understanding of the underlying reasons of stock price crashes,but also provide helpful references for authorities in making decisions on how to construct market transparency.