This paper explores the value of security analysts during crises from the perspective of corporate stock price resilience.The results show that analyst coverage increases the resilience of corporate stock prices during crises,which is manifested by higher stock returns,lower degree of stock price loss,and quicker recovery of stock prices.The positive impact of analysts on corporate stock price resilience is more pronounced during the recovery phase of stock prices and when the corporate is followed by more star analysts.The mechanism analysis shows that analysts improve the efficiency of market information transmission and corporate governance during crises through the information transmission effect and external supervision effect,thus enhancing corporate stock price resilience.Future efforts should focus on continuously strengthening the development and training of information intermediaries such as analysts,to leverage the positive role of security analysts in maintaining stock market stability.
国家科技期刊平台
NSTL
万方数据
