Star Analysts, Overreaction, and Synchronicity: Evidence from China and the United States
研究了中国和美国市场中明星分析师报道如何影响投资者过度反应和股价同步性，发现中国市场中明星分析师报道会引发个人投资者过度反应，降低股价同步性，而美国市场则相反。
This paper examines star analyst coverage, investor overreaction, and stock price synchronicity in the Chinese and US markets. In China, we find that star analyst coverage can induce investor overreaction, such that it is negatively correlated with price synchronicity. This overreaction effect is particularly pronounced for stocks with primarily individual investors. In contrast, in the United States, we find that star analyst coverage is positively related to synchronicity and is not significantly associated with investor overreaction. Our overall findings imply that the heterogeneous nature of investors in a market drives the association among star analyst coverage, overreaction, and stock price synchronicity.