Information, Analysts, and Stock Return Comovement
研究发现分析师更关注基本面与同行相关性高的公司，这种覆盖模式支持利润最大化的信息中介理论；被高度关注的公司（领头羊公司）的盈利预测修正会显著影响其他公司股价，而低关注度公司的修正则无此效应，单向信息溢出解释了为何定价更准确的股票可能表现出更多联动。
Analysts follow disproportionally firms whose fundamentals correlate more with those of their industry peers. This coverage pattern supports models of profit-maximizing information intermediaries producing preferentially information valuable in pricing more stocks. We designate highly followed firms whose fundamentals best predict those of peer firms as bellwether firms. When analysts revise a bellwether firm's earning forecast, it changes the prices of other firms significantly; however, revisions for firms that are less intensely followed do not change the prices of heavily followed firms. Unidirectional information spillovers explain how the more accurately priced stocks might exhibit more comovement.