The Influence of Analysts, Institutional Investors, and Insiders on the Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices

By Joseph D. Piotroski, Darren T. Roulstone. 2004

1,217 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/3aa790719656647fcb53ac5002f512eaad679aa6

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Citations in the corpus

Independent Director Reputation Incentives and Stock Price Informativeness (2017, background): “Piotroski and Roulstone (2004) link analyst coverage to increased firm-specific information in stock prices.”
Opaque financial reports, R2, and crash risk (2009, background): “Piotroski and Roulstone (2004) find that the presence of informed market participants such as institutional investors is associated with lower R2.”
How disclosure quality affects the level of information asymmetry (2007, neutral): “The results in Ayers and Freeman (2001) and Piotroski and Roulstone (2005) suggest that higher analyst following is associated with more trading by privately informed investors (and thus higher values for a and l). 14 On the other”
Analyst following along the supply chain (2011, neutral): “Prior research shows that analysts tend to specialize in a few industries/sectors (e.g., Gilson et al. 2001; Piotroski and Roulstone 2004; Chan and Hameed 2006).”
Determinants of CEO Pay: A Comparison of ExecuComp and Non-ExecuComp Firms (2010, background): “Likewise, competition among analysts generates additional information that leads to the capital market having more precise information to evaluate the firm’s earnings (Piotroski and Roulstone 2004).”
Within-industry timing of earnings warnings: do managers herd? (2010, background): “(1) of Piotroski and Roulstone (2004) except that we do not include lagged market and industry returns.”
Accounting Information, Disclosure, and the Cost of Capital (2007, neutral): “See Piotroski and Roulstone (2004) about how the activities of market participants (analysts, institutional traders, and insiders) impacts the incorporation of firm specific versus industry versus market components of future earnings into prices.”
The Effect of Trade Secrets Law on Stock Price Synchronicity: Evidence from the Inevitable Disclosure Doctrine (2020, positive): “We include a large number of control variables suggested by prior studies (e.g., Piotroski and Roulstone 2004; Gul, Kim, and Qiu 2010; Kim and Shi 2012).”
Is There a Dark Side to Exchange Traded Funds? An Information Perspective (2017, neutral): “, as the logarithmic transformation of 𝑅!"! to create an unbounded continuous measure of synchronicity (Piotroski and Roulstone 2004, Hutton et al. 2010, Crawford et al. 2012, Hutton et al. 2010):18 𝑆𝑌𝑁𝐶𝐻!"”