Microblog,Analyst And Stock Price Synchronicity

Based on the information efficiency opinion of the listed company's stock price synchronicity,this paper respectively discussed the influence of analyst attention,star analyst attention,nonstar analyst attention and weibo information quality level to the stock price synchronicity,through empirical study I found that star analyst can reduce stock price synchronicity and the result is robust,so we can conclude that star analysts can analyze and transfer company specific information and promote the efficiency of capital market,the empirical study result of whole analysts and nonstar analysts are not robust.weibo information quality level and stock price synchronicity also have significant negative correlation relationship and this result is robust,It shows that informal information disclosure by listed companies on weibo also helps to promote more idiosyncratic information reflected in stock prices.By checking the coefficients and significant level of the cross terms of microblog information quality level and each analyst attention in the regression equation,we can found that analysts and weibo disclosure is a joint work on stock price synchronicity,by further unwrapped analysts to discuss joint action,this paper found that microblog information for star analysts are not very useful,but for nonstar analysts,it can help a lot,Therefore,we can further speculate that the reason for this empirical result may be that some nonstar analysts with strong analytical ability but limited by information access can use the trait information disclosed on weibo,analyze and then transmit it to the market through research report,thus reducing the synchronicity of stock price.The results tell us two important information:one is that star analyst is a group of people who have the ability of assessing firm's trait information and analyzing information,they can promote the efficiency of the capital market,:the second nonstar analysts also have many potential which worth digging,if we can improve the better information platform for them,we can help to deliver excellent information workers of our capital market and promote the efficiency of capital market.